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Dreamtownrealty's Blog

By Robert Pratt | Broker in Chicago, IL

Holiday Shopping for Chicago Homes

So you’re in the market for a new Chicago home but you’re thinking about waiting until after the holiday season? You might want to rethink that. Inconvenience and bad weather shouldn’t stop you from landing a great deal.  
 
While it’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.  
 
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 you’re going to find a bargain on that new Chicago home, now is the time.  
 
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 don’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.    
 
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 it’s possible you’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 you’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.   
 
Obviously the holidays can be a stressful time for everyone. But if you’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, you’ll be out finding that perfect new home to start off the New Year. Happy house hunting!

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