8 Tips For Buying A Home This Holiday Season

Written by Posted On Friday, 25 October 2013 12:25

With the holiday season quickly approaching, there are many advantages to purchasing a home before the end of the year. With less competition and the slower real estate season in full swing, now could be the perfect time to move on the house of your dreams. Follow these tips for buying your next home during the holidays without all the stress.

1. Be Flexible.

With holidays come events and family traditions. This means flexibility is more important than ever. Prepare to work around the seller's holiday schedule. This may mean being flexible with the dates of your contract. Remember, buying a home is a two way street so the more flexible you are with the seller during the holidays the closer you will get to purchasing their home. 

2. Be Upfront About Your Holiday Schedule.

Alex Tooke from Peak Properties Group sums this tip up quite nicely. "Make sure to tell your broker about your holiday schedule. There is nothing like having a deadline expire because you were on a 14 hour flight back from Spain," Tooke advises. 

The more your broker knows about your holiday schedule the better he can do his job. You don't want to run into the stress of missing a deadline or having to reschedule your holiday plans. Being upfront about your holiday schedule can help your broker make the home buying process flawless.

3. Choose a Local Lender.

Using a local lender gives you the peace of mind of being able to quickly and effectively get in touch with your lender and build valuable relationships. "There is nothing like face-to-face contact or being able to pick up the phone and speak to a mortgage lender that has your best interest at heart," said Amanda Howard of Amanda Howard Real Estate. During the holidays choosing a lender wisely is not always enough, choose local and save yourself the headache of forming a long distance relationship.

4. Have Your Financial Ducks In a Row. 

Get pre-approved before starting the home search. This will help you to narrow your search to the right price range and will show the seller that your a serious buyer. Be sure to work with a loan officer that is going to be available during the hectic holiday schedule. And lastly, make sure your bank is able to wire you money when needed. Checking these three things off your list will help ensure a positive home buying process.

5. Take Advantage of Less Competition.

Because people are often busy during the holidays, many people aren't looking to purchase during this time. Less competition in the buyers market means more opportunity to get the right home at the right price. 

"Take advantage of the slower holiday real estate market. Find a broker who understands that time is key. When 50% or more of brokers are also on holiday, you could lessen your competition in this hot buyers market," said Tooke.  

6. Don't Wait.

Waiting for the holiday season to end before starting your home search could be a financial disadvantage. "With the potential ride in interest rates, now is the time to be buying. Waiting could very easily impact your buying power by 25%," said Lisa Treu of Treu Group Real Estate. Don't run the risk of getting stuck with higher interest rates. 

7. Be The First To Submit An Offer.

"Because inventory is low, do not delay in getting in the door (literally)," said Damian Gerard of Gerard Realty Group."The best strategy might be to be the first person to submit an offer, and give the seller a quick turnaround requirement. This might allow you to make a purchase below the asking price."

Being the first to put in an offer combined with sending your pre-approval letter with the offer may convince the seller to accept in order to be done with the selling process before then end of the year. Remember to be flexible and respectful of the sellers holiday season when closing.

8. Be Prepared To Give Your Best and Final.

Know what your best and final is and be prepared to give it when the seller has multiple offers. "When a home gets multiple offers right out of the gate, it means it's priced right. It will most likely sell for just over asking price," said Gerard. If you really love the house, a few thousand dollars doesn't make that big of a difference over the span of the loan. Prepare to offer a few thousand dollars over the best offer up to your maximum offer. 



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