Black Friday has become an entire weekend of savings for many of the holiday season’s big-ticket items. However, do these savings apply to one of the most expensive items an individual can invest in—a house? According to an article recently completed by Forbes, the fact that the holidays are not traditionally thought of as the time to move can work in a buyer’s advantage. Many wish to simply be with their families, partying and celebrating the close of one year and the start of another. As a result, those who are willing to sacrifice a bit of this celebration and search for homes and attend open houses may find that they score a better deal.
Fundamentally, the holidays are an excellent time to be a buyer; sellers tend to be very aggressive when offering holiday deals, as a means of enticing buyers. James Dainard, a Seattle-area broker with Heaton Dainard Real Estate, says he typically sees a drop in prices between three thousand dollars and twelve thousand dollars. Tracey Hicks, a broker in Portland, Oregon, with Dwell Realty, saw a cut in prices between Thanksgiving and New Years of last year; houses were priced approximately five percent under market value during the festive time of year.
In addition to this, Dainard claims that he often sees an opportunity for steals and deals throughout the holiday season. Often, sellers will throw in additional items in the deal to fulfill the spirit of generosity throughout the holiday season; such items can include energy-efficient washers, dryers, stoves, full sets of living room furniture, and big-screen plasma televisions.
From a seller’s point of view, individuals must proceed with caution. The spirit of the holidays can take hold and encourage offers that shouldn’t be made or that are in conflict with the terms created by the mortgage broker; broker’s create specific lending guidelines and offering some items or wording things incorrectly in a contract can delay the closing date or ruin the transaction altogether. Check with brokers to insure that all added items and changes in price are within the terms of the contract to avoid any delays.