Tuesday, December 20, 2011

Buy this month!

Amir Korangy, publisher of real estate magazine The Real Deal, says that buying a home during the holiday season can yield deals not available in warmer months.
"The real benefit of buying during the holiday season is that sales activity is extremely low and sellers tend to panic if they still have their house on the market. They figure that no one wants to move in the cold weather, so you have an advantage on negotiability. However, as a buyer, you have less selection," says Korangy.

He adds that fewer houses tend to be listed at the end of the year because decorations and winter weather make holding an open house more difficult.

Daniel Hedaya, president of Platinum Properties, a Wall Street-based real estate services firm, says that the biggest roadblock for any buyer, regardless of time of year, is financing.
"Typically it takes about a month to get financing in place with appraisals, applications, etc... However, if you are well prepared, it is possible to accomplish this. It all really hinges in whether or not you have identified the property, have investigated financing, and have your attorney in place ready to review contracts. If you are able to pay with all cash, it would make the likelihood of moving in before year’s end very real possibility," says Hedaya.
Above all, buyers who know for certain they've found the property they want should act decisively. "With this timeline, you have to be able to make decisions quickly and efficiently. Don’t waste time deliberating on what to do, just be prepared to make things happen. Have all your ducks in a row when you identify the property so you can make a call to your lawyer, bank, and real estate agent that you’re ready to go."

Source: Fox Business 

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