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Why Now is A Great Time to Buy & Sell

It is that time of the year again, Holiday season! So what does that mean for real estate? Typically, November through January people want to feel settled in their home and the last thing on their mind is going out to take a look at a new property. However, when you’re in a competitive market, it might be the best chance to snag your dream home while everyone else is sipping down warm apple cider. One thing to take away is that people who have their home on the market between Thanksgiving and the New Year are viewed as being serious about selling. The same goes for buyers.  Anyone that is taking time away from cooking a Thanksgiving feast or decorating a Christmas tree to look at properties is serious about making a purchase – which can be one of the reasons why the holidays can be the best time for a real estate transaction.

WHAT DOES THIS MEAN FOR YOU AS A POTENTIAL BUYER?

1. Cheaper Prices: According to an analysis from ATTOM Data Solutions, buying a home on December 26th can save you as much as $2,500. The month of December holds 7 of the top 10 days of the year for highest discounts on home purchases, thus making it the best month to buy a home. Daren Blomquist, Senior Vice President of communications with ATTOM states, “It’s the housing market’s version of a Black Friday sale.”

2. More Room for Negotiation: Historically, sellers that are putting their home on the market during the holiday season are looking to get out rather quickly. This leads to more wiggle room on negotiation terms such as, closing date, home warranty and earnest money deposit. Flexible terms are necessary to give the buyer a peace of mind.  These terms are less flexible when sellers receive multiple buyer offers during busier times of the year. 

3. Less Competition: Currently in the state of Utah houses are staying on the market for an average of 11 days before closing. During the holiday season the number of active buyers drops significantly as people become more enthralled with getting the latest Black Friday deals instead of real estate.

4. Mortgage Rates Are Still Super Low: Interest rates are still super low and the Feds are predicting that they will go up next June. Average rates today are at 3.1%! The low rates help supplement the high cost of housing, thus making now a good time to buy before rates go back up while housing prices continue to rise! Check out all the current homes listed on the market here in Utah!

REASONS TO PUT YOUR HOME ON THE MARKET NOW:

1. Buyers are More Serious: Buyers that look during the holiday months are more likely to pull the trigger. Serious buyers lead to a quicker and headache free selling process.

2. Less Competition: With other sellers preoccupied with Christmas shopping you’ll have fewer homes to compete with. There are still plenty of buyers looking for homes, with fewer sellers your home will be at the top of the list.

3. Virtual Tours Make it Easy to Sell: Virtual tours give you access to a large number of potential buyers that aren’t local. This also saves you from having to leave your house at random times throughout the day! You can have the tour once and be done, so you do not have to stress about having your home in pristine condition 24/7.

4. A Family Friendly Neighborhood: The holiday months bring joy and comfort, and we need that feeling now more than ever. Showoff your neighborhood’s festive holiday spirit. People want to see a neighborhood they can imagine raising a family in and what better time than the holidays?

Not Looking to Sell Right Now? It May Be the Perfect Time to Explore a Cash Out Refinance!

If you own a home right now you have a ton of built up equity, and now may be the perfect time to explore a cash out refinance. The amount you earn on your refinance typically depends on your home’s value. Before finding out how much you qualify for, you’ll need to have your home appraised. In general, lenders will let you draw out no more than 80% of your home’s value, but this can vary from lender to lender and may depend on your specific circumstances. Learn more here!

Cash Out On All The Equity In Your Home Today by filling out this form and we will be in touch shortly.

Let’s Talk!

However, making the decisions to purchase a home has a lot more contributing factors than the time of year. To find out if it is the right time for you and your family you should talk to a local real estate agent. Red Sign can pair you with an agent to help talk you through next steps, and give you statistics about how similar homes have previously performed during the holiday months.

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