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    Real Estate
    Tuesday, May 14, 2024

    Looking for a home during the holiday season

    For many people, the holidays at the end of the year are a time to look forward to. There's also a long lists of things to do for these celebrations, from preparing enormous dinners to buying gifts, so finding your next home may not be the biggest priority during this time.

    If you're thinking about buying a home, there are certain advantages to keeping the search going during this time of year. However, you'll also have to be aware of a few difficulties involved in holiday house hunting.

    You'll likely face less competition if you try to buy a home in the last months of the year. Kaitlin Williams, writing for the real estate site HomeFinder, says other buyers may decide to stop looking at properties until after New Year's Day. With fewer people looking at the same homes, it's less likely that someone else will make an offer before you do.

    However, you may also want to keep your expectations in check when browsing the available homes. Marcie Geffner, writing for the financial site Bankrate, says sellers are less likely to list their home during the winter. They may not believe that buyers will be active during this time and opt to hold off until the spring.

    Some people will be more motivated to sell their home before the end of December, though. Williams says sellers who are willing to accommodate buyers during the stress of the holiday season may be interested in finding a new owner for the property as soon as possible. Vera Gibbons, writing for the real estate site Zillow, says buyers will be more likely to negotiate a lower price or certain contingencies with these motivated sellers.

    Sellers might be particularly interested in selling a home before the end of the year for tax purposes. Buying a home before Dec. 31 can have a similar benefit. The purchase will allow you to make several deductions when you complete your taxes in the spring.

    One downside to house hunting as winter deepens is the altered landscape around the home. It will be more difficult to assess the lawn, views, and other amenities when the leaves are off the trees and the grass has turned brown. Geffner says snow may also mask defects in the home or its landscaping.

    The benefit of buying a home during the colder months is that you'll be able to see firsthand how well the structure stands up to wintry conditions. Walking through the home will let you see how drafty the windows are, how well the furnace can heat up the rooms, and other important factors. Williams says that while hidden problems in the landscaping are fairly easy to correct, overlooked problems relating to the home's comfort are much more likely to cause stress and lead to expensive repairs.

    Geffner says buyers can use a few different methods to find lesser known properties during this time. These include having your real estate agent look up homes that were listed but taken off due to a lack of interest, scout available properties in your preferred neighborhood, or find out if any homes in this neighborhood are about to go on the market.

    Be prepared for the possibility that it will be more difficult to schedule visits or arrange a closing. Agents, lenders, real estate attorneys, and others may be interested in taking time off during the holidays. Suzanne Roy, writing for the National Association of Realtors, says sellers may want to set up blackout dates for travel or holiday vacations.

    Check with your agent and other relevant parties to see what their schedule is. Doing so will help ensure that you can coordinate your actions during your search.

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