Have you been searching for your perfect property? Many who visit the Adirondack region start to fall in love with the lifestyle and begin to dream about living here. You may be wondering if it is a smart idea to consider buying a home during the holidays. In a brisk market like the Adirondacks, waiting until after the New Year could leave you missing the perfect opportunity to purchase a home.
The Ins and Outs of Buying A Home During the Holidays
Many of the homes on the market during the holiday season have generally been on the market for a while. Depending on the length of time the property has been on the market, the homeowner may be more willing to negotiate so they don’t have their property on for another season. Many of these properties have been / are overpriced or are in less than move-in condition, scaring away potential buyers during the summer and early fall. Other properties may be at a higher price point than a majority of potential buyers can afford.
Another thing to consider when thinking of buying a home during the holidays is that showings normally slow in our region around the late fall and early winter. With school back in session, vacations done and everyone back to work, and weather getting cooler, requests for showings typically decrease. These factors can influence a homeowner to be more open to offers from potential buyers as the holiday surge in winter tourism brings additional showings.
Keep in mind that owners could be in a variety of circumstances that make them motivated to sell during the holidays. They could be recent heirs, landlords, work transferees or snowbirds looking to live year round in a warmer place. The holidays may not slow their selling goals.
Adirondack winters can be a difficult lifestyle for many people, especially as they get older. The amount of maintenance mixed with the cold winter weather can really get tiresome. Sellers feeling impatient for a different situation may lead to homes arriving on the market with hopes of being sold before winter’s deepest chill. If the homeowner is one of these people, you will find they have become highly motivated sellers with the dead of winter just around the corner.
This is your time to strike as a home buyer! While other home buyers sideline themselves during the holidays, you may find more options and have an easier time shopping for homes. You may also find that service providers like home inspectors, mortgage lenders, contractors, movers, and others are available and ready to squeeze in extra work with the holidays arriving.
As stated above, late fall through early winter is a slower real estate season with late winter to early spring being the slowest time period throughout the region. With this in mind, you can save money since homes typically sell for more in high time of late spring through summer. Our blog on the best time to purchase a property can give you additional insight on the positives and negatives of buying in every Adirondack season.
Lastly, depending on when you find the property, sign a contract and schedule inspections as soon as possible. With some luck, you may have the opportunity to close on your new home before January first. This will give you the opportunity of an extra year of tax deductions and benefits. If you close after that date, you must wait until the following year to claim benefits.
Every season will offer its own unique advantages or disadvantages. In the Adirondacks, buying a home during the holidays can be uniquely beneficial. From finding a homeowner who is tired of winter and wants to move on to a warm locale to a landlord who is ready to pass their property on to avoid another season of winter maintenance, the potential opportunities are great. Do your research to discover properties that may land in these opportunistic scenarios.
If you are interested in starting your search and increasing your chance of buying a home during the holidays, get started now before the festive season is in full swing. Reach out to one of our experienced real estate agents to get expert help with your search and valuable insights about the Adirondack market. Call 518-523-3333 to let us guide you through your holiday home purchase!