Featured Photo: Barrington Townes; Photo Courtesy of The Jim Allen Group
We can’t believe it’s already fall, with the holiday season quickly approaching. Stores are starting to put out holiday decor, and Thanksgiving will be here before you know it. It’s usually a safe assumption to say that not many people want to be buying a new house and move during the holiday season. In fact, some might even warn again it. We’re here to tell you that choosing a new home in the Triangle during this time could actually work in your favor to close at the end of the year. Here are a few reasons why it’s time to find your newest home in the Raleigh-Durham area.
You might be able to find a better deal
Since the holidays are not exactly the ideal time to buy, you’ll likely find that the homes on the market need to sell. The same holds true for new construction. This puts you in a good position to negotiate with builders – whether that means included upgrades, better finishings, or freebies are thrown in beyond the base model included in your buying cost. For those who are on the fence about being able to afford to buy a home, this could be just the edge you need to get you out of renting and into your first as a new homebuyer. With that being said, be prepared to move quickly once you strike a deal to ensure you close before the end of the year. If you are a first-time buyer, there are plenty of options and plans. Some of our communities like Gill Farm, Barrington Townes, and South & Main are all communities that start in the mid to upper $200s.
You might have less competition from other buyers
The holidays aren’t generally the time of year when most people get excited to buy a house, so you’ll probably be able to shop around with fewer competitors. Despite the intense home buying market the last year has seen, we’re finally seeing a dip in the bidding wars. Compared to summer home buying madness, fall/winter homebuying might mean you don’t have to run the risk of losing a home if you can’t immediately put an offer in. For those who live in cities or areas where the market is hot like the Triangle, this particularly holds true.
It should help with your taxes
If you can close on a new home before the end of the year, you can itemize some of the costs associated with moving such as mortgage interest to write off. Sometimes, this even includes the costs associated with hiring a local moving company if your move happens to be work-related. With all of the other costs associated with moving, you’ll appreciate the benefits of that tax break now rather than a year from now. Many Triangle home buyers have lots of incredible customer service and sales agents who make the home buying process a lot easier on everyone involved.
You might get a lower interest rate
Interest rates on mortgages and loans go through cycles, but typically around the holidays, they seem to hit a lower point because fewer people are looking to borrow. Get in touch with your bank and sales agents early on to ask about rates, stay in the loop on specials, and be willing to watch the trends to jump on a mortgage at the optimal time. Also, many builders offer holiday specials and incentives – especially when it comes to move-in-ready homes. Make sure to ask about deals around this time!
Closing isn’t as much of a process
Everyone wants to wrap things up before the holiday season to be able to enjoy time with family, friends, and loved ones. This includes sellers, agents, and banks, which means you are likely to find that people are willing to work with you to get things moving at a faster pace. Don’t forget to consider movers too! Since most companies also take time off for the holidays, you’ll want to plan for this at least a month in advance.
What else do you need to think about before you make the leap? To see all new home communities in the Triangle, view our inventory.