The holiday season proves to be a busy time for everyone! Between cooking dinners for family/friends, Christmas shopping and more...its hard to find time to do anything else! Most people assume that the holidays are a terrible time to buy a home, but on the contrary, it is actually a great time. Here's why:
1) Low Interest Rates - this proves to be a reason to buy a home any time of year right now due to the economy. During the holidays, the market drives interest rates down, which gets you a better monthly payment on your home!
2) More Serious Sellers - with unemployment still pretty high and other looming costs from holiday expenses, those that decide to sell during the holiday season tend to be much more serious! Plus, it's a major tax benefit for those that do decide to sell and close escrow before the end of the year.
3) Faster Closings - On average, there are less homes selling during the holiday season. This means that those who participate in the transaction to help facilitate a sale have more time to devote to each file, allowing fewer delays and resulting in your purchase closing quicker than during busier times of the year for real estate.
4) Slow Market - The average family/individual is extremely busy during the holiday season. Fewer people buy homes during this time because they find it hard to devote time to shopping for a home. This means that the buyers that do buy during the holidays will have less competition and a higher chance of getting their offer accepted.
5) Possible Tax Deductions - Most settlement costs paid to the mortgage companies, lenders, and brokers are tax deductible for the year in which they are paid. Also, if you close by Dec 31st, there is a possibility that you will be able to write of the interest of your 1st mortgage payment. It is recommended that you speak with your tax professional on all tax benefits of buying a home.
With all of these details in mind, what are you waiting for??!! Now is as good as any time to buy a home!
Happy House Hunting!
Jessica Macias, Owner/Realtor LocalSDhomes.com.
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