Are you dreaming of a new home for 2018? Learn why buying a home in the holiday season is as smart as santa!
Since closing on a home and moving into that home don't have to happen on the same day, you can get a great deal on a new home before December 31, 2017 and still move at your convenience. Here are a few very smart reasons to buy now.
Less Market Activity– Lots of family, school, and work activities, combined with the weather in many locations, lead to fewer real estate transactions over the holidays. Since fewer people overall are looking to buy houses, you will have less competition for your preferred house – and this gives you leverage. Historically, the percentage of average listed to sold prices is lower during the holiday season. This is because home sellers are often required to lower their price or make other concessions to gain higher interest from motivated buyers, since there are fewer in the market this time of year.
Motivated Sellers– People who are selling their home over the holidays usually have a strong motivation such as an upcoming job relocation. Plus, if a house has already been on the market for some time, the seller has an even greater incentive to sell quickly and entertain a lower offer. Take a look at properties with recent price reductions in the Myrtle Beach SC area.
Potential Tax Advantages– If you itemize your taxes, you can deduct any points you paid upon closing, as well as property taxes and mortgage interest. Whether it is to your advantage to buy before or after year’s end depends on factors such as how many other deductions you have this year compared to what you expect to have next year. It's best to consult with a tax professional before purchase to determine if buying now is good for your personal financial situation.
Better Interest Rates– Within the usual trend of interest rates, there are often lower interest rates during the holidays – not from the generosity of lenders but due to limited buyer demand forcing greater competition among lenders.
Faster Closings– Generally, all parties involved have incentive to complete transactions toward the end of the year. Lenders want to close their books, real estate agents want to receive their commissions before the year closes, and sellers want to finalize their profit or losses for income tax purposes. Since all parties are motivated and there are fewer transactions taking place during this holiday season, it should be easier to have an efficient and quick closing.
End of the Year Closeouts for New Construction - Depending on the fiscal year end dates for home builders, there may be an additional incentive for this type of home seller to offer reduced pricing and special discounts or offers such as closing cost credits and free upgrades.
Timing is everything. Is now the best time for you to buy? Our team would love to help you gift yourself a home for the holidays. Start your search online with Lisa Belcher and Company, powered by eXp Realty.
Author:Lisa Belcher Phone: 561-808-9708 Dated: November 25th 2017 Views: 120 About Lisa: As a young professional, Lisa Belcher prides herself on blending old-fashioned customer service with...
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