If you shared with someone you’re thinking about buying a home before the end of the year they might think you’re crazy.
With the holidays fast approaching won’t you have enough on your mind already? Why tackle this project right now?
Here’s some reasons to consider:
Reason #1 Serious Sellers
Let’s be honest, if you were a seller would you really want to have your home on the market during the Holidays? Would you really want to live in the proverbial “fish-bowl” when you have to get out of your home to let some potential buyers drop by while you’re dealing with Holiday pressures?
Nobody really would want to do that unless … they are motivated!
A motivated seller is the type of seller that a buyer wants to find.
Most people would agree that the spring and summer are the peak seasons for buying and selling. The reason is that a majority of buyers are trying to get their kids into a new school before the new school year starts. This creates a Seller’s market where typically the prices are higher and the competition for homes is greater. What about the Fall and Winter?
Typically, December home sales usually make up about 8.1% of the total annual home sales. The only months lower are November, January and February. If you’re a seller still out there trying to sell your home after not being picked during the spring and summer … things might not be looking that promising. Motivated sellers may be willing to look at offers they would not consider during the peak months.
Interest rates are still at a very low rate. How long that will remain the case is questionable. Conventional wisdom amongst the top analysts (see previous post) projects a rise in rates before the end of 2014. There’s no question about it … lower interest rates are good for buyers and sellers.
Buying a home and closing on it before the end of the year may give you a tax deduction. Most settlement costs paid to the mortgage company or broker are tax-deductible in the year in which you pay them. Be sure to speak to a qualified tax advisor to find out how these items may be applicable to your circumstances.
If you are a serious buyer, you do not have to feel shy about visiting homes this time of year. If the seller is willing to put their house on the market during the Holiday season, they really want buyers to come in.
- Interest Rates-What Experts are Predicting for the Next 12 Months
- Number of Months Supply of St Louis Homes and the Impact on Price
- Check Out Doorsteps Our Online Educational Resource for Buyers