Buying a home for Christmas

Real estate isn’t the first thing that comes to mind when you think about October, but it’s actually a great time to consider moving. It might surprise you that approximately 8.5%¹ of all listings are sold in October. Here in Texas, it’s marginally higher due to our mild fall conditions.

But the weather isn't the sole reason. Sales of single-family homes fall dramatically as we approach the holiday season. Priorities change from home buying to holiday planning.

In time for Santa's stocking

With Christmas still three months away, there’s plenty of time to find your forever home and have it ready for tinsel and turkey.

Buyers may think they’re running out of time, but it’s the sellers who are starting to sweat under their turtlenecks. If it's not sold by October sellers know that they'll have to wait until April to see any significant interest in their property.

With the clock counting-down and fewer people perusing the market, buyers certainly have more leverage over prices. RealtyTrac² reviewed over 32 million home and condo sales over the past 15 years and found that homes purchased in October came at a 2.6% discount of the current fair market value.

Crunching the numbers

“Can I afford it?” is the question I hear when clients talk to me about buying a new home. When it comes to financing, there are a variety of ways to pay for your dream home, but they shouldn't be reviewed in isolation.

I always ask my clients to talk to me before they commit to a financial plan. It’s important to conduct a thorough review of their whole portfolio and re-confirm their future life goals, including their retirement plans, before committing to that new home. It can be a balancing act; however, my shared priority is getting my clients into their forever home, while not affecting their retirement plans.

Irrespective of how you finance your new home, make sure to talk with your financial advisor before putting pen to paper. You don't want you ‘forever home’ to be a ‘forever worry’ on your mind.