Why December is a Good Month to Buy a Home
Most people cringe at the thought of buying a home in December. Only the Grinch would want to pack up and moving during the holiday season! But hold on Cindy Lou Hoo, there are several reasons December can be a great time to buy.
1. Sellers are highly motivated.
People who are listing their homes in December are usually on a timeline. They may be relocating for work, wanting to move over the school break, or need to sell their home before the end of the year.
2. You have less competition.
Listings do go down in December, but many buyers also take a break during the holiday season. So while the overall number of homes available might be lower, you also have less competition looking.
3. You can get a better price.
Motivated sellers and fewer lookers means you can make a better deal. If your seller needs to make a move before the end of the year, they will be willing to work with you on all other terms besides closing date.
4. Rates are staying low.
Mortgage rates are forecast to remain low through the end of this year, and into 2021, so it’s a good time to buy.
5. Take advantage of tax benefits.
If you close on your home purchase by December 31st, you can take tax deductions for mortgage interest, loan points, and property taxes.
6. Schedules are more flexible.
You might think December is too busy a month for moving, but most people tend to have more flexible schedules in December. Children’s activities are suspended, work schedules are more lax, for both you, your sellers, as well as your lender, home inspector, and moving companies, so scheduling all the parts of your transaction and move may actually become easier.