Pros and Cons of Holiday House Shopping in Centennial
Most people have other concerns during the holiday season, so it is not the most active for real estate. While it may be unusual to shop for a home during the holidays, there are sometimes opportunities in the unusual. Here are a few pros and cons and tips for buying a house for the holiday.
Limited House Supply during the Holidays
Most sellers avoid the holidays because of the short daylight hours, cold weather, and general lack of focus from buyers. If someone is selling their home during the holiday, it is likely that the seller is desperate, extra motivated to cut a deal. Since it is not the most convenient time of year, the seller needs to sell, and you can get a bargain. If you are determined, you can take advantage of the seller’s urgency.
Finding Homes Not on the Market
Because inventory is so low, you may not find a home that suits you. There are ways, however, to shop for homes that are not currently on the market. A possible treasure trove are “old expires,” homes that were on sale a few years ago but never found a buyer. Ask your broker to contact some that interest you and you may find a bite. Your broker could also target a neighborhood that interests you and mass mail homes in that area. Also ask brokers in your preferred neighborhood for homes that are being prepped to sale and get a jump start on “coming soon” opportunities.
Limited Home Demand during the Holidays
Because there are fewer buyers on the market during the holidays, you will encounter less competition in negotiations. You just may be able to work out a bargain price on a home that you fancy. It may not be probable to find your dream home, because of the limited supply, but if you find it, it would be the prime time for a quality investment.
For Title Insurance in Centennial
When you purchase a home, you will need a thorough title search and title insurance to protect yourself from problems with the deed. In Centennial, call Colorado Professionals Title at (303) 268-4278 or visit us online to find out more about our closing services and title insurance coverage policies.
Hidden House Defects in Cold Weather
Here in Colorado, a major setback to winter home shopping is that snow may conceal defects in the home that would be visible in the spring. Some sellers may choose the holidays to sell for this reason. Make sure the sellers are not trying to hide anything, and have a home inspection done. Read our previous post on choosing the right home inspector. Ask for photographs of the home taken at other times of the year to spot any possible defects.
Vacation Time Considerations in Buying a Home
Real estate agents are people too, and they have families. Many choose not to work during the holidays so they can take advantage of the time off. Of course, the opposite is the case too, that as a buyer, the vacation time during the holidays may provide the time you need to devote to purchasing a home. For this reason, there are brokers who still operate during the holiday season. It would be odd for a mortgage company or bank to be closed, so you should still be able to conduct business.
Get a Head Start on Holiday Home Shopping
If you do decide to shop for a home during the holiday season, make sure to cross your holiday tasks off your to-do list in advance. Take care of gift shopping and holiday plans ahead of time. You do not want to be scrambling at the last minute as you approach time for closing to worry about other matters. And do not feel embarrassed about visiting homes for sale during the holidays. A For Sale sign is a welcome mat, and sellers will be happy to show their home to you.
Mortgage Rates Are Expected to Increase
Hovering around 4% right now, many analysts predict mortgage rates to increase to 5% by next year. A percentage increase in the interest rate will decrease your buying power by 11%, so now could be the time to get in. Do not forget about the tax breaks as well. Closing on a home before December 31st will allow you to write off the purchase costs, including interest, property taxes, and points, this year instead of waiting for the next tax season.
For Title Insurance in Centennial
Whether you choose to start shopping now or prefer to wait, you will want to get the best in closing services and coverage of title insurance. In Centennial, you need to call Colorado Professionals Title at (303) 268-4278. Details about our services and title policies are available to you on our webpage.