When you think about shopping this time of year, it’s typically not for a new house, but the holidays can actually be a great time to find real estate deals in Lake George, Bolton Landing and throughout the Southern Adirondacks. Whether you are looking for your forever home or a lakefront vacation property, here are 5 reasons to consider buying a home during the holidays.
- Better Deals
Many house hunters think they can’t afford to buy a house at the end of the year because of all the holiday shopping expenses, but with the many loan options available, you may not need as much upfront money as you might think. Interest rates also tend to be lower during November and December, and even if interest rates aren’t at their lowest, you’ll likely find more favorable financing and real estate deal terms during the holidays, simply because demand is less.
- Tax Breaks
Did you know that as a homeowner you can itemize and deduct points, property taxes and interest paid on mortgages up to the first $1 million? And there are even more tax breaks if you are buying the home as an investment. Depending on your tax liability for the current year, closing on the purchase of a property in the final months can give you a major tax advantage, and if you end up closing on your new home at the beginning of the year, you’ll be able to take a deduction on an entire year’s worth of mortgage interest.
- Less Competition
While there are typically fewer homes on the market during the holidays, the home buying experience can be much less stressful. For some house hunters, the sheer number of choices during the spring and summer can be overwhelming, and with more buyers in the market, they often feel rushed or pressured to make an offer. During the holidays, you can take your time, and when you find a property you like, you may be one of only a few interested buyers, which means you’re less likely to experience a bidding war.
- Motivated Sellers
Typically, if a seller has their home on the market during the winter holidays, they are eager to sell quickly. Likewise, financial institutions are often motivated to unload foreclosure properties so that they can get them off the books before the end of the year. While this doesn’t mean you should expect sellers to accept low-ball offers, it does give you more leverage and negotiating power.
- Faster Closings
A process that can drag on for weeks or even months during the spring and summer, is often swift and efficient during the holidays. Lake George real estate agents, home inspectors and lenders have fewer clients this time of year, which means we not only have more time available, but we are also motivated to move the home buying process along and close out business before the end of the year.
House Hunting in Lake George During the Holidays
If a new home is on your holiday wishlist, I have several move-in ready homes for sale in Lake George, Bolton Landing and the surrounding Southern Adirondack Region. Search for available properties or call (518) 321-1870 for a personal, one-on-one approach to the home buying process.
Happy house hunting and happy holidays!