Is Christmas-New Year holiday period a good time to buy a home?
Question of the week: Is Christmas-New Year holiday period a good time to buy a home?
Answer: Yes!
The old-saw in the real estate business is that December and January are slow months—for many agents this is a self-fulfilling prophecy as they slow down the work, or take the time off because, “it’s slow.”
There are plenty of agents that are on call and working during the “slow” period because the have sellers who want to sell; or buyers who want to buy.
If a seller has their home active on the market during the holiday season, are willing to have potential buyers visit the home to preview it to see if they want to buy it, despite partially decorated, a tree with presents, in-laws staying in the office-guest room, they are motivated and want to sell.
Sellers of a vacant home, unaffected by the call at 1:30 to their agent from another agent, “I have buyers who want to see the home this afternoon, is that okay?” If the response is affirmative when their listing calls with the question, the sellers are motivated and want to sell.
The market maybe, is, a little thinner during the holidays as home sellers put a pause on showings until the new year, but the homes that are actively listed with no hold on showings have motivated sellers looking for buyers.
What better present to put under the tree, or celebrate the new year, than a set of keys that represent your new home that will close escrow before you exchange Valentine’s Day cards!
To schedule an initial meeting by phone or Zoom, click here for my calendar, please feel free to forward to a friend or family member!
Have a question? Ask me!
Rates were choppy this week despite economic news that should push rates lower. Primarily the PCE index, which the Federal Reserve used to determine its moves on rates, showed consumer prices dropped in November by 0.1%, the first monthly decline in prices since 2020. Personal income increased in the month, while consumer spending was flat—which means fewer units purchased as prices dropped.
Also positive for mortgage rates, was the revision for 3rd quarter GDP, which showed economic growth for the quarter was 4.9%, down from the prior evaluation of 5.2% growth.
Rates for Friday December 22, 2023: With inflation heading down, possibly entering deflation, and the economy growing not as fast previously expected markets should have responded with a drop in rates. However, rates are flat from last week, not unusual for this time of year as investors make end of year trades based not only on market conditions and expectations, but also on year end numbers for income, capital gains, and overall returns for their 2023 financials.
FIXED RATE MORTGAGES AT COST OF 1.25 POINTS LOCKED FOR 45 DAYS FOR PURCHASE TRANSACTIONS:
30-year conforming 6.50% Flat
30-year high-balance conforming 7.00% Down 0.125%
Please note that these are base rates and adjustments may be added for condominiums, refinances, credit scores, loan to value, no impound account and period rate is locked. Rates are based on 20% down with 740 FICO score for purchase mortgages.
For those with stocking hanging on the mantel I hope Santa rewards you for your kindness and good deeds through the year. For readers who do no celebrate Christmas, a virtual Santa giving gratitude for your kindness and good deeds.
Have a great week,
Dennis
Past Weekly Rate & Market Updates can be found on my blog page at my website www.DennisCSmith.com/my-blog
