So youâ€™re in the market for a new Chicago home but
youâ€™re thinking about waiting until after the holiday season? You might
want to rethink that. Inconvenience and bad weather shouldnâ€™t stop you
from landing a great deal. Â
While itâ€™s true there are fewer properties available during this period, the sellers that stay on the market do so for a reason. They tend to be highly motivated and ready to move their homes. Use this as leverage to swing a deal. Â
Softer housing prices are a direct result of fading demand. Be diligent with your search because after the New Year the market tends to gradually pick up. As demand increases so will prices. If youâ€™re going to find a bargain on that new Chicago home, now is the time. Â
Take advantage of the lack of competition. People tend to move between June and September in order to accommodate the school calendar. During the holidays consumers generally donâ€™t want to deal with another potentially stressful ordeal, so get out there and stake your claim. The fewer buyers in the market the less likely you are to end up in a bidding war. In the end, your offer becomes more appealing and the probability of striking a deal is significantly better. Â Â Â
Another advantage of the holiday slowdown in the Chicago real estate market is that real estate professionals have more time to devote to you. With fewer clients demanding their attention and asking to do showings, your realtor can focus more on your needs and finding a place that suits your housing requirements.
Even banks tend to be in the giving mood during the
holiday season. Lenders tend to be quicker processing paperwork and may
also be more likely to waive certain fees in order to keep busy during
the off-season. Use this to your advantage.
If you close a deal on or before December 31st itâ€™s possible youâ€™ll be able to deduct the interest on your first monthly mortgage payment from your taxable income for the year. There is also a possibility that youâ€™ll be able to deduct any points paid to reduce the interest rate on your loan. Make sure to consult with a tax professional to see if you qualify.Â Â
Obviously the holidays can be a stressful time for everyone. But if youâ€™re really motivated to find a new home in Chicago, get out there and capitalize on the advantages that exist during this holiday season. While other would-be buyers sit at home sipping eggnog in their old digs, youâ€™ll be out finding that perfect new home to start off the New Year. Happy house hunting!