I have purchased a home during the holidays, and I have purchased a house during the peak of summer. Let me tell you, it is easier to buy during the holidays. Here’s why.
Three Advantages of Buying a Home in December
- Less competition means you are more likely to get a better price and less likely to lose out in a bidding war.
- Seller knows you are serious, because the looky-loos stay away when they’re otherwise occupied with shopping, decorating, and baking.
- Interest rates usually remain flat. As of today, the Feds have not issued the rate increase they have been speaking of.
You Don’t Have to Move During the Holidays
Just because you execute a Purchase & Sale Agreement now, it doesn’t mean you have to move during Christmas week. You can set your closing for January after your busy schedule has calmed down.
How Long Does It Take to Close a Loan Now?
As a Senior Loan Officer, I am closing loans in 30 days; but not all lenders are as fast. Many are asking for 45 days with the new TRID laws that require an extra three-day waiting period between providing the Closing Document for your review and your actual loan signing. Speak with your loan officer about how fast they are closing loans nowadays. If his or her answer sounds shaky or if they want longer than 45 days, it likely means they are having issues processing and I would seek another lender. If you want my recommendation for a loan officer who can close in 30 to 45 days, please see the state list below and then send me an email with the details via my Ask Carolyn Warren page.
States for which I can recommend a loan officer:
AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MN, MO, MS, MT, NC, NS, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SC, TN, TX, VA, WA, WI, WY.
Required Legal Disclosure:
I work for Envoy Mortgage, a full service mortgage company. NMLS # 1284134
State licensed in CA and WA