Big holiday party coming up? Need some extra space? Considering a new home, anyway? Despite what you might think, the holiday season is an underrated time to do a bit of house hunting. Here’s why:
Less Competition
Despite the massive inventory of unsold houses out there these days, you’re still likely to run into some competition with other potential homebuyers over the best ones for your price range. The holiday season can thin the crowds, as folks would rather focus on parties, presents, and portly men in red suits than the grind of making a life-changing decision. You’re more likely to end up with the home of your dreams.
Lower Prices
With more foreclosures coming and thousands of homes being held off the market by patient banks, few economists out there are predicting the sort of sharp upswing in home prices next spring that we really need. But, especially in a place like Dallas, the foundation for at least a modest recovery is still in place. Don’t be surprised if we start to see prices inch up a bit more during the spring.
As we’ve said often here at Texas Lending Today, prices and home interest rates are never going to be much lower than they are now. If you’re in the position to buy, strike while the iron is hot.
More Ready to Sell
Houses in which families are planning on hosting one last Christmas dinner or family holiday get together are more likely to be the types to get taken off the market for a few months, until the merriment ends and weather finally warms up again. So the types you’ll find if you head out house hunting over the holidays are more likely to be empty, foreclosed upon, and ready to sell right away. If you’re eager to get into a home before Christmas, you might appreciate the quicker turnaround.
Not everything is easier when that first winter chill arrives—people get busy, offices close, and lots of homes are, indeed, taken off the market. And since it usually takes from 30-60 days to close on a home, actually moving in before Christmas leaves little time for delays. Then again, with the kids out of school and family in town, you’d have that much extra help on moving day.
So if it’s time to buy, this time of year is a great time to start looking. Contact our Dallas housing market experts for more information.
Tags: Home Loans, home purchase, homebuying advice, housing market