The Five Benefits of Moving During the Holiday Season!

Moving during the holidays can be a headache with all the seasonal activities and obligations. However, there are plenty of positives to buying a home during the holidays that may make the headaches of moving worth the effort, including the five listed below.

1. Less Competition – The same issues that make holiday moving a hassle tend to keep people from shopping for homes at that time. So, what are waiting for? 

2. Lower Prices – December historically has lower home prices than any other month. Nothing else needs to be said about this. LOL. 

3. Faster Closings –  All parties involved in a holiday real estate transaction want to complete the transaction before the year ends. Buyers want to settle in their new homes. Sellers want to settle in their new home, especially if they are relocating. Lenders want to include the loan on the current year's books. Real estate agents and brokers want to include their commission on the current year's income. Therefore, motivated parties want to make the closing process go as smoothly as possible!

4. Motivated Sellers – Home sellers don't enjoy moving over the holidays any more than homebuyers do. It's likely that people who are selling their homes over the holidays are highly motivated to do so. Perhaps they must relocate for a new job, or their home has been on the market for a long time and they need the money from a sale before the year is out. Combine motivated sellers with decreased competition and you have great leverage to get a better deal.

5. Better Interest Rates* – Interest rates are still near historical lows. The average rate on a 30-year fixed mortgage dropped throughout 2020, with October seeing the lowest rate in fifty years. While it has risen since then, it is still under 3%. As of this writing, interest rates are fairly stable around 2.78%, compared to 3.74% last December and 4.75% in December 2018. Online calculators are available to show you how much you can save over the life of a mortgage with even a slight decrease in interest rates. You may be surprised at the savings. Remember that your credit score will impact your mortgage rate, keep you from qualifying for one. *(Money Tips)