Buying a Home During the Holidays: Pros and Cons

The holiday season is upon us, but that doesn’t mean you have to give up on your home search. In fact, now may actually be the best time of the year to purchase a house. 

Learn all about the pros (and cons) of buying a home during the holidays:

PROS OF BUYING A HOME DURING THE HOLIDAYS:

1. More Inventory 

The number of available homes for sale is up 42% from where it was last year at this time, according to new numbers from the National Association of Realtors’ consumer website. The analysis – which looked at the housing market through the week ending November 5 – found active inventory up for the fourth consecutive week. That’s good news for home buyers. It means more options, less competition, and more time to make buying decisions. In fact, the data shows homes for sale are spending an extra week on the market compared to the same time last year. 

But while a growing number of homes for sale is encouraging after years of historically low inventory, the improvement isn’t due to new listings – which are down from last year. That’s an indication that the inventory gains are more likely the result of fewer home buyers active in the market than a rush of new sellers listing their homes, which leads us to the next point. 

2. Less Competition

During the holidays, there are significantly fewer buyers in the market, so you will have less competition when you are looking at homes. This is a result of the season – people are focused on all of the activities that come with this time of year. While their attention is elsewhere, you have more housing options to choose from.

3. Staging / Holiday Decorations

A fun benefit of shopping for a house during the holidays is that many sellers will stage their homes and/or decorate for the holidays, so you can get a better sense of what the property could look like after you move in. 

CONS OF BUYING A HOME DURING THE HOLIDAYS:

1. Slower Closing Timeline

There are a couple of downsides to purchasing a home during the holidays, however. One factor to consider is that closing timelines tend to be a bit slower, with banks and title companies closing on Thanksgiving and Christmas Day. Home inspectors and other vendors may take days off as well. The entire transaction may last a few extra days during the holidays, so if you’re in a hurry to move, it might be best to wait until after the new year.

2. Stress of Moving

The other aspect to think about is the emotional toll that buying a home – and moving – takes. It can be stressful, especially during a time of year when you might like to wind down and enjoy time with family and friends. There is also the fact that you may not be able to decorate your house the way you normally would. But the short term inconvenience will be worth the long term gain of moving into your dream house!

BOTTOM LINE:

If you are a homebuyer in today’s market, you should seriously consider buying a home during the holidays and through the end of the year, before the spring selling season starts and more people enter the buyer pool, which creates more competition and leads to bidding wars. 

Now especially there is more inventory to choose from than at this time last year. If you’re looking for a home in the Denver area, there are several newly built townhomes in Edgewater, near popular Sloan’s Lake, ready for quick move-in. Contact us if you need help with your Denver area home search.