Is December a good month to buy a home?
Is December a good month to buy a home? Regardless of the date and season, the first requirement to go out and buy a home is to be financially prepared. That is, have good credit, work, and stable income, have the approval of the bank that will grant the mortgage, or be eligible for any of the existing home purchase assistance programs.
The real estate business, like many others, is influenced by the different seasons of the year. Average prices rise in spring and are lower in winter. That is why many sellers prefer to wait for spring to list their houses at a better price. What brings with it the increase in inventory and the average price, at the end of said season.
To answer the question of whether December is a good time to buy. The answer is yes, even though there is generally less inventory.
The festive atmosphere and the fact that it is the last month of the year endows December with a psychological meaning that favors buyers. At this time of year, sellers whose properties have been on the market for a while may be more motivated to hear lower offers. A fact that gives buyers greater bargaining power.
Zillow, the specialized property sales platform, in a recent analysis, argued that November and December are the best time for buyers on a budget.
If you are going to take advantage of this season to go out and look for the house of your dreams, keep in mind that owning a house involves different expenses, such as paying taxes, payments for repairs, maintenance and gardening, and most importantly, homeowners insurance. Remember that if you cannot show that you have adequate homeowners insurance, you will not be authorized the mortgage to buy the home. Is December a good month to buy a home?
Involve an insurance agent from Univista Insurance in the buying process and when you choose the home you want to buy, they will explain, in time, how the different factors of the chosen property will influence the price of the insurance policy and if This is within the budget approved by your mortgage lender.