Albany NY Homes for Sale During the Holidays
When you think about shopping this time of year, it’s typically not for a new house, but the holidays can actually be a great time to find Albany NY homes for sale and real estate deals throughout the Capital Region. Whether you’re a first-time homebuyer or a savvy investor, here are some Holiday Home Buying Trends to help you secure a great deal before the end of the year.
1. Lower Interest Rates
Historically, interest rates tend to be lower during the holidays. There’s simply less financial business happening in November and December, so there’s less demand. Unfortunately, interest rates fluctuate based on many variables, and the time of year isn’t always a good predictor. However, even if interest rates aren’t at their lowest, you can usually find favorable financing and better real estate deal terms during the holidays.
2. Tax Savings
Depending on your tax liability for the current year, closing on the purchase of a property in its final months can give you major tax advantages as you head into the upcoming year. For instance, if you itemize deductions, you might be eligible to deduct points, property taxes and mortgage interest rates. And if you’re buying the house as an investment, there are even more tax breaks available to you.
3. Motivated Sellers
If someone has their house on the market during the holidays, they probably have a pretty good reason. Maybe they’ve already moved into their new home and are carrying two mortgages, or perhaps they are relocating for a job that starts the first of the year. Whatever the reason, it usually means they are eager to sell. Likewise, financial institutions are often motivated to unload foreclosure properties in hopes of “getting them off the books” before year-end. All of which means more leverage and negotiating power for buyers.
4. Faster Closings
Sellers aren’t the only folks motivated to move the home buying process along during the holidays. Realtors, lenders and house inspectors are also eager to close out business and collect commissions before January 1. A process that can sometimes drag on for weeks and months during the other ten months of the year, is often swift and efficient during the holidays.
5. Less Competition
Yes, there are fewer homes on the market during the holidays, and possibly even fewer lenders and home inspectors around than normal, but rather than a negative, this can actually be an advantage for those looking for Albany NY homes for sale. If you find a property you like, you may be one of only a few interested buyers, if not the only one. No competition means no bidding wars and a strong possibility that you will be able to negotiate a favorable price.
Looking for Albany NY Homes for sale this holiday season?
If a new home is on your holiday wishlist, CM Fox Real Estate has several move-in ready homes for sale in Albany, Guilderland, Latham, Colonie and the surrounding Capital Region. Search for a home or call (518) 861-7030 today and take advantage of these Holiday Home Buying Trends in Albany NY and beyond.