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Polimino: Holiday home shopping

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Highlights:

  • A guest column by Dan Polimino.
  • Should you wait to buy?
  • Holidays are a good time to be shopping for a home.

By Dan Polimino

Special to InsideRealEstateNews.com

Dan Polimino

Dan Polimino

Some buyers were thinking about purchasing a home and wanted to know if they should buy and close in December or in January.

Basically, they wanted to know if they would get a better deal if they closed before the end of the year. I said yes, they very well could get a better deal if they closed before 2014  and here’s why:

  • If you’re looking at a bank-owned property or a home constructed by a builder, they would love to get as much inventory off of their books before the end of the year as possible. This is probably the best time of year to do some deal making.
  • Private sellers that have their home on the market during the holidays need to sell and are very motivated. They may be even more motivated to get out of that situation before the end of the year so they can move on with their life and start the New Year off right.
  • Sellers also understand that there are not a lot of people who are out looking at homes in December. So if they get a buyer looking at their home, sellers know that they are a “real” buyer and not a looky loo. As a result, the seller doesn’t want that one lone buyer to go away and is ultra-motivated to negotiate.
  • There is not a lot of competition in December for homes, again due to the decrease in buyers in the marketplace. That means more choices for buyers that look to close before the end of the year and less competition for the premium properties. It’s Murphy’s Law that just when you get interested in a property and are ready to make offer, a second or sometimes even a third offer comes in. There is far less of a chance of this happening in December.

On a personal note, I always enjoy looking at homes during the holidays. I like seeing the way people decorate their homes and how they celebrate. It really is a great time of the year to buy a home and one of the best times to get a great deal.

Dan Polimino is a broker/owner with the Colorado Dream House Team, Keller Williams Realty DTC. Contact Dan at coloradodreamhouse.com.

Have a story idea or real estate tip? Contact John Rebchook at  JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.