Why the Winter Holiday Season is a Great Time to House Hunt
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The winter holiday season is a great time to consider buying a winter home. With the hustle and bustle of the holiday season behind us, many people have more free time to focus on finding the perfect holiday home.
The housing market tends to be slower during this time of year, which means there may be less competition for the available homes. This can also lead to more negotiation power for buyers, potentially resulting in a better deal on a winter house.
- Want less competition for homes and the potential for better deals on housing? You might just want to house hunt in the winter months.
- Lenders might be offering better mortgage rates to attract new business ahead of a new year.
- A winter home is most often a holiday home, decked to the nines in festive vibes that are welcoming and warm.
Are you a first-time buyer?
Should you consider winter house hunting this holiday season?
Buying a home in the winter is something you should indeed consider if you’re looking for potential great deals and want to have more negotiating power.
One of the biggest benefits of buying a home in the winter is that the homes themselves may be more festive and welcoming.
Many people deck their homes out with holiday decorations, which can give potential buyers a better idea of what a potential winter home would look like during the holiday season. This can help you envision yourself living in the home and get a better sense of its potential.
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Benefits of buying a home during the holidays
Holiday homes are always festive and cheerful, often ready to receive guests and celebrate the holiday season. The winter holiday season is often a time when people are thinking about the future and making plans for the coming year.
This can make it a great time to make a big decision like buying a new home, as it can be a way to kick off the new year with a fresh start.
Home buying is usually less competitive in the winter
With fewer people looking to buy or sell homes, there may be less competition for the available homes. This can lead to more negotiation power for buyers, which can result in better mortgage rates.
Winter house hunting isn’t that common overall so even though the housing market might not be as open as the summer months, the homes for sale that are available could be a lot more appealing.
Homes tend to be cheaper in the winter compared to the spring season
One reason is that the housing market tends to be slower during the winter months. With fewer people looking to buy or sell homes, there may be less competition for the available homes. This can lead to lower prices for buyers. Also, winter home sales aren’t as active as the warmer months so you can potentially have less competition to buy a new home.
The holiday season can be a great time for banks and lenders to offer competitive mortgage rates in order to attract new business. As a result, buyers may be able to find better mortgage rates during the holiday season. Winter might just be the best time to buy a house.
Home sellers are more eager to sell
The slower pace of the housing market during this time of year can lead to fewer offers on homes. Home sellers could be more motivated to accept offers to avoid having their home on the market for an extended period of time. During the holidays, it can be challenging to devote the time and energy needed to sell a home.
Finally, the holidays can be a great time for sellers to move on from their current home and start a new chapter in their lives. The very nature of the season offers perspective on what it’s time to move on from an investment and start anew.
There’s more room for negotiation
There is typically more room for negotiation on home prices during the holiday season because the housing market tends to be slower during this time of year. With fewer people looking to buy or sell homes, there may be less competition for the available homes than there would be during the summer months.
This can give buyers more leverage when it comes to negotiating prices, as sellers may be more motivated to accept offers in order to avoid having their home on the market for too long.
Tax breaks can benefit you during the upcoming tax season
With the potential for tax breaks and lower interest rates, the winter can be the best time to buy a home.
If you’re a first time home buyer, for instance, you can benefit from the First Time Home Buyers Tax Credit (HBTC) right before the end of the fiscal year. The HBTC can add up to $750 to your tax refund. Or, you can benefit from GST/HST housing rebate on any newly built or newly renovated homes.
You should always make sure you have all your bases covered when you’re looking to budget for a new home, especially during the holiday season when finances are usually tigher than normal.
How to prepare for higher interest rates when buying a home this holiday season
Before you actually buy your dream home this winter, you should consider many things such as the length of your mortgage. A shorter-term mortgage like a 3-year loan may have a lower interest rate than a longer-term loan like a 5-year mortgage, for example. Even though there’s potential for lower interest rates and better deals during the winter months, it all depends on where you live. In some cases, you might even need to prepare to pay a higher interest rate.
One way to prepare for higher interest rates when buying a home this holiday season is to research current mortgage rates and compare them to historical averages. This can give you a general idea of how interest rates have changed over time and whether they are currently at a high or low point and make your decision.
An easy way to figure out the impact of higher interest rates over time is to use our handy mortgage calculator. It’ll help you estimate the impact of higher interest rates on your monthly payments so you can adjust your budget accordingly.
Be sure to talk to a mortgage lender or financial advisor to get more specific information about current interest rates and how they may impact your ability to afford a home.
While you should definitely do your due diligence and go through all the usual steps such as hiring a home inspector and getting an appraisal, the holiday season can be a great time to make a big decision like buying a new home, as it can be a way to kick off the new year with a fresh start.
With the slower pace of the housing market, the potential for better deals, the festive atmosphere, and how easy it will be to find a good moving company, the winter can be the perfect time to find a new home.
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