Most people think the housing market slows down during the holidays, and while that is somewhat true, the "off season" is actually a 𝑔𝓇𝑒𝒶𝓉 time to buy a home!
Here are THREE reasons why:
Reason number 𝟭. 𝗟𝗲𝘀𝘀 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝗼𝗻!
2021 was one for the books when it came to bidding wars and multiple offer situations. There was so much demand, and so little inventory, that finding a house for many people seemed next to impossible.
A lot of buyers lost out on a few homes, and now, they're thinking they'll just wait until after the holidays are over, to start looking again, however, I wouldn't press pause just yet.
A lot of buyers do that - they decide to wait, and therefore get out of the market temporarily, which means, that if you stick it out, and don't give up, you’ll likely get a better deal and have a lower chance of overpaying if you are able to find a house right now.
Reason #𝟮. 𝗦𝗲𝗹𝗹𝗲𝗿𝘀 𝘄𝗵𝗼 𝗵𝗮𝘃𝗲 𝘁𝗵𝗲𝗶𝗿 𝗵𝗼𝗺𝗲 𝗹𝗶𝘀𝘁𝗲𝗱 𝗶𝗻 𝘁𝗵𝗲 𝘄𝗶𝗻𝘁𝗲𝗿 𝘁𝘆𝗽𝗶𝗰𝗮𝗹𝗹𝘆 𝗡𝗘𝗘𝗗 𝘁𝗼 𝘀𝗲𝗹𝗹, more than any other time of year.
Everyone wants to be home for the holidays, so if a house is put up for sale now, there’s usually a reason, which means they are motivated. A motivated seller usually means a better deal for you.
Reason #𝟯. 𝗛𝗼𝗺𝗲 𝗽𝗿𝗶𝗰𝗲𝘀 𝘄𝗶𝗹𝗹 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗲 𝘁𝗼 𝗮𝗽𝗽𝗿𝗲𝗰𝗶𝗮𝘁𝗲. Although appreciation in 2022 may not be as fast as it was this year, at an average rate of over 25%, home prices are fully expected to continue to appreciate at rates much faster than 2018 and 2019.
Plus, we’re looking at rising interest rates, not to mention inflation... And all of that adds up to one simple truth: The longer you wait, the less affordable your next home is gonna be.
Now, don’t confuse competition with affordability. Even if there’s less competition in the future, and you can find more homes to buy and get your offer accepted, that same home is gradually going to be less affordable the longer you wait
My advice: Take advantage of the low interest rates and less competition, and don’t let the holidays deter you from making an offer on a home this season.