What are the benefits of buying house during Christmas?
Christmas season is one of the busiest times of the year, with all that holiday preparations and all. It is also known to be the time when people are spending the most. And what’s a greater way to spend your hard-earned 13th month than to secure a new house?
In this article, we will capitalize on the opportunities the holiday season presents to purchase a new real estate investment. We will also walk through the benefits of buying house during Christmas in the Philippines.
- Buying house during Christmas season offers less competition, motivated sellers and discounts.
- Prepare for a successful holiday home purchase by budgeting, securing mortgage preapproval and working with an experienced real estate agent.
The Home Buying Appetite so Far
In a report published by the Bangko Sentral ng Pilipinas (BSP), residential property prices have a significant increase of 14.1% in the second quarter of 2023 on a year-on-year basis. In the National Capital Region alone, there was a recorded 15.4% price increase for single detached and single attached homes, townhouses, and condominiums. For areas outside NCR (AONCR), a 13.8% was reported.
However, the property buying appetite of Filipinos remains strong. Business World Online breaks down the Consumer Expectations Survey conducted by BSO, revealing the that number of Filipinos who deemed that the second quarter of 2023 is a great time to buy a house rose from 19.5% to 22.3%, with single detached houses their most preffered option.
These figure provides optimistic outlook on the Philippines’ real estate landscape as the year 2023 closes and transitions to 2024. Despite the economic headwinds, the homebuying appetite of Filipinos remains strong.
The Perks of Buying House During Christmas Season
PH Real Estate states that the months starting from October to February are the best times to start house hunting and buying. Let’s take a look at the compelling reasons why the last months of the year is the great time to purchase your dream home!
The Christmas season offers several perks for house hunters, including less competition among buyers, motivated sellers eager to close deals, and the inviting atmosphere of beautifully decorated neighborhoods. With fewer buyers in the real estate market, you’ll enjoy more negotiating power and potentially secure your dream home at a lower price.
Sellers usually show a higher motivation to finalize deals during the holidays, which often results in price reductions and more favorable agreements for buyers. This, coupled with the festive ambiance and holiday-decorated neighborhoods, makes for an unparalleled and thrilling home buying experience.
13th Month Pay
The holiday season means finally receiving your 13th month pay (even 14th month pay for some) and bonus. This extra income can sometimes add up to one month or two month’s worth of salary. Most of us prefer to allot our 13th month pay for holiday expensew but this can also be used as a capital to kickstart your investment journey.
Related Read: Spend Your 13th Month Pay the Right Way with these Tips!
Less Competition Among Buyers
During the holiday season, there are several advantages to buying real estate:
- Fewer buyers in the market, resulting in less competition for properties
- Less likelihood of facing bidding wars, leading to lower costs and better deals
- Sellers may have less competition, giving buyers more negotiating power
The decrease in competition, resulting from fewer houses on the market, can create a more advantageous negotiating atmosphere for buyers looking for their dream home. You might have extra time to inspect the property in detail and negotiate renovations or enhancements before sealing the deal.
Motivated Sellers and Year End Discounts
Those who are selling property are more inclined to close deals during the holidays due to the potential for a quick sale. This can result in discounts and advantageous deals for buyers, as there are fewer sellers in the market during this time. For instance, electronics retailer Chroma offered up to 60% discounts on electronic items during the festive season to encourage customers and increase sales.
Buying house during Christmas welcome your to eager sellers and their offered discounts, where you can lock in a more favorable deal on your new home. This can prove particularly beneficial during the holiday season when other expenses like gift purchases and family visits might add up.
Festive Atmosphere and Welcoming Neighborhoods
The festive atmosphere can make neighborhoods more welcoming and attractive to those who are buying house during Christmas. Neighborhoods prepare for the festive season by focusing on fire safety, responsible use of common areas, and organizing events and activities to foster a sense of community and hospitality.
Home decoration during Christmas can have a beneficial impact on potential homebuyers. The holiday decorations can generate a pleasant and inviting ambiance, enabling buyers to feel more attached to the home and picture themselves celebrating upcoming holidays in the new space.
Preparing for Your Holiday Home Purchase
Preparation for a holiday home purchase requires budgeting, securing mortgage preapproval, and cooperation with a real estate agent. Appropriate budgeting and financial planning are key to a seamless home buying process, particularly during the holiday season when extra expenses might occur.
Obtaining mortgage preapproval can speed up the process and give you a clear view of your budget. Collaborating with a real estate agent well-versed in holiday home purchases can guide you through the market and help you secure the most advantageous deals during this festive period.
Budgeting and Financial Planning
To estimate the cost of a house purchase during Christmas, take into account factors such as negotiating power, researching market trends, consulting with real estate agents, and utilizing online home value estimators. Amass funds for a down payment by adhering to prudent budgeting principles, such as monitoring expenditures, establishing a budget, and abstaining from impulsive purchases.
Taking advantage of potential price reductions and increased bargaining power during the holiday season can result in securing a better deal on the house, negotiating improved terms, and having a broader selection of options with a more favorable asking price.
Working with a Real Estate Agent
Are you ready for your property purchase this holiday season? Let Vista Land International be your guide in landing the perfect house and lot or condominium unit to celebrate Christmas!
A key player in the industry for decades, our expertise will help you achieve your dream house that suits your style, budget, and lifestyle. Talk to us today!
Types of Properties to Consider This Christmas
When buying house during Christmas, it’s important to consider various types of properties, such as house and lot or condominium units, to find the perfect home that suits your needs and lifestyle. Both options have their advantages and drawbacks, and understanding these can help you make an informed decision.
Whether you’re searching for a spacious house and lot for your growing family or a conveniently located condominium unit with modern amenities, being open to different property types can increase your chances of finding the ideal home during this festive season.
House and Lot
A house and lot provide more space and privacy, making them a desirable option for families or those seeking a long-term investment. When purchasing a house and lot during the holidays, consider the following factors:
- Reduced competition
- Motivated sellers
- Possible tax benefits
- Improved interest rates
- Expedited closings
These factors can make the holiday season a great time to buy a house and lot.
However, there are also drawbacks to consider when purchasing a house and lot during the holiday season, such as:
- Expenses for maintenance and repair
- Considerable initial costs
- Property taxes
- Limited flexibility
Condominium units offer convenience and modern amenities, making them a popular choice for young professionals and those with a more urban lifestyle. Some benefits of purchasing a condominium unit during the holiday season include:
- Flexible living
- Affordability compared to single-family houses
- Cheaper insurance
- A sense of community
- Access to modern amenities
Drawbacks to consider when purchasing a condominium unit include:
- Fees associated with condo associations
- Regulations imposed by the association
- Difficulties in resale
- Limited privacy
- Potential delinquency of other unit owners
- Lack of land ownership
- Restricted storage space
Related Read: The OFW Dilemma: Condominium or House and Lot?
Buying house during Christmas in the Philippines presents a unique opportunity to secure your dream home amidst the festive atmosphere. By understanding the perks of house hunting during the holiday season, preparing for your purchase, considering different property types, and overcoming potential challenges, you can confidently navigate the home buying process and celebrate future holidays in your new home.
Frequently Asked Questions
What to consider when buying a house and lot in the Philippines?
When buying a house and lot in the Philippines, consider the location, associated costs, zoning restrictions, ordinances and covenants, availability of utilities, road access and potential flooding.
Is it good to buy house during Christmas?
Due to fewer buyers in the market during the holiday season, it can be beneficial to buy a house as you have more negotiating power and less competition.
How can a real estate agent help during the holiday home buying process?
A real estate agent can help during the holiday home buying process by providing assistance with property searches, negotiations, and processing the paperwork.
What types of properties should I consider during the Christmas season?
This Christmas season, consider investing in a house and lot or condominium unit to find a space that perfectly fits your needs and lifestyle.
What are the legal and tax considerations when buying a home during the holidays?
When buying house during Christmas, it is important to be aware of potential legal and tax implications such as understanding property taxes and taking advantage of mortgage interest and tax benefits.