It’s the time of year when thoughts turn to staying warm by a cozy fire, but it’s an underrated time to explore your real estate market.
Here are 5 reasons why:
Limited competition
Most families are gathering together, so there’s little competition for real estate during the holiday season. One downside is that you may have trouble contacting the seller or real estate agent that’s ready to work during the holidays.
Tax benefits
If you’re looking for a way to add some extra end-of-the-year tax deductions, purchasing a new property can benefit you. Mortgage interest, loan points and property taxes are all deductible for your tax return.
Desperate sellers
The holiday season is stressful enough. Now imagine trying to sell your house on top of that! The people offering their houses during the holidays are motivated sellers. Maybe they’re relocating for a new job or just want to start the year fresh. You’re doing them a big favor by taking a property off their hands.
Realistic view of property
Because the flowers will be gone and curb appeal will be minimal, buyers can focus more on the permanent aspects of a property. They can now look at things like location, functionality and insulation, rather than the aesthetics of a property.
Rates are still low
Compared to the past norm, mortgage rates are still considerably low. From 1985-2009, rates ranged from 12.5 to 5 percent. Now, an average 30-year fixed-rate is at 4.03 percent. But low rates don’t last forever.
