In today’s fickle real estate market, it can be intimidating to approach home ownership. As trends come and go in real estate, there have been many changes to the industry. However, one thing has remained true—winter is a great time to buy a home!
Winter, particularly December and January, can be a less than ideal time for house hunting. There are fewer houses on the market, the days are short and the outdoor temperatures are cold and unpleasant. However, homebuyers will find many benefits during the winter that they will not find during the busy spring months.
Fewer offers are made on homes during the winter months. When selling a home during the winter, one must consider either letting the home sit on the market until spring (which can seem really far away) or doing what it takes to sell now. Therefore, incoming offers can be more aggressive in the winter. Sellers who keep their homes on the market during the holidays are incredibly motivated.
You will also find less competition from other buyers in the winter. That can make a big difference when it comes to getting a home that you truly want at a price that you are willing to pay.
Another bonus to buying in December is the tax savings. Closing on your new home by Dec. 31 means that you can deduct mortgage interest, property taxes and points on your loan from your income tax return. These deductions can be significant. This is especially true in the early years of your loan when you are paying off a large amount of interest.
Winter also brings perks when it comes to working with a lender. Although lenders work diligently year around to provide the best service, fewer contracts are issued during this time of year. Therefore, it is possible to speed up the process during the winter and help clients cross the finish line to home ownership faster. Speed can work to your advantage when making an offer. In some cases, the speed at which one acquires financing can make the difference between an offer being accepted and an offer being declined.
The New Year is approaching fast and this is a great time to consider home ownership in 2014. There is no reason to wait and begin your search in the spring. Purchasing a new home could be the best holiday present for yourself and your family. It is definitely a great investment in your future.