Thinking about buying a home this holiday season? While most people are focused on turkey dinners and gift shopping, savvy buyers know this time of year can be packed with perks. Here’s why shopping for a home during the holidays could be your best move yet.
Mortgage Rates Are Looking Better
Good news! Mortgage rates have eased slightly from last year. As of November 27, 2024, the average 30-year fixed rate is 6.81%, down from 7.22% a year ago. While rates are still on the higher side historically, this dip can make a difference for your budget. Pro tip: Lock in your rate now before any potential changes in the new year.
Less Competition = More Opportunities
The holidays mean fewer buyers actively searching for homes. Most people are focused on travel, family gatherings, and end-of-year festivities, leaving the market less crowded.
What does this mean for you?
- Fewer bidding wars.
- More room to negotiate.
- Less pressure to make quick decisions.
Use this quieter season to find and secure your ideal property without the usual stress of a competitive market.
Sellers Are Ready to Negotiate
Sellers who list their homes during the holidays often have compelling reasons to move quickly whether it’s job relocation, financial deadlines or personal circumstances. These motivated sellers are usually more open to negotiations, giving you the opportunity to:
- Close the deal on your timeline.
- Secure a lower purchase price.
- Negotiate closing costs or other concessions.
Great Deals Are Everywhere
Homes that have been sitting on the market for a while are more likely to see price reductions as the year comes to a close. Sellers looking to avoid carrying their property into the new year may be willing to accept offers below the asking price.
💡 Pro Tip: Focus on properties that have been listed for 30+ days. These sellers are often more flexible on price.
Take Advantage of Year-End Tax Breaks
Purchasing a home before December 31 could lead to significant tax savings for the year. Potential deductions include:
- Mortgage interest
- Property taxes
- Certain closing costs
These deductions can reduce your taxable income giving you a financial boost just in time for the holidays. Be sure to consult a tax professional to understand how these benefits apply to your situation.
Ready to Find Your Home This Holiday?
Buying a home during the holidays might not be traditional, but it can be surprisingly rewarding. With less competition, motivated sellers and potential savings on taxes and rates, now could be the perfect time to make your move. Contact us to get started.