Linda Linfoot - Keeping You Informed
Holiday Shopping
If you think there's little point to hunting for a new home during the holidays, think again. The holiday season can yield some great deals for homebuyers willing to put in the effort at that time of year. Here's why.
The holidays are generally a very busy time, so if a homeowner has their property on the market during this period, they are very likely to be serious about selling. Additionally, some of these sellers may be anxious to sell before the end of the year. Some homes may have already been on the market for months. Whatever their reasons, holiday-time sellers tend to be motivated sellers.
On the other side of the equation, there tend to be fewer buyers during the holiday season, whether because they're too busy to look for a new home, away on holiday or don't think holiday-time home-hunting would be fruitful. This means less competition out there for those buyers who are pounding the pavement.
What do motivated sellers and fewer competing buyers mean for holiday home-hunters? More choices and lower prices. When there's more available inventory on the market than there are buyers, buyers have more options and sellers are more inclined to negotiate.
Another advantage of holiday home-buying is that you may be able to close on your purchase more quickly at this time of year, while mortgage lenders may be experiencing a slowing of business due to a lull in demand for their services. Because business may be less brisk for lenders during the holidays, you may even be able to get more favourable mortgage terms. Happy holidays indeed!
