1. Less Competition
The holidays are a busy time and combine that with the ever-changing cool Michigan weather and you will find less Real Estate transactions taking place. The advantage of fewer people shopping for a home is less competition and multiple offer situations. For an upper hand make sure to get a copy of Inlanta’s 5 Secrets to Winning in a Tight Real Estate Market.
2. Sellers Are Motivated
People who are selling their home during the holidays tend to be more motivated. If the home has been on the market for some time prior to the holidays they may be even more eager to sell. Use this urgency to your advantage to negotiate a fair offer with the sellers.
3. Interest Rates
Interest Rates remain low making owning your dream home more affordable than rent! Interest rates fluctuate daily and long-term projections are mixed, so it is best to take advantage of these rates now. To give you an idea, on average a one percentage point increase in interest rates can reduce your overall purchasing power by eleven percent. Make sure you know all your mortgage options and how to choose the best mortgage.
4. Streamline Closings
With the end of the year in sight, everyone is looking to get things wrapped up quickly. There are fewer transactions during the holidays leaving a perfect window of opportunity to close on your purchase as soon as possible. The mortgage process does not have to be complicated; take a look at our 10 Step Guide to the Mortgage Process.
5. Potential Tax Advantages
At this time if you itemize your taxes you may be able to deduct points, property tax, and mortgage interest. This advantage varies depending upon any other deductions you may have for the year. As you may know, there are many discussions on tax changes that may be coming, so we always advise that you consult with a tax professional to know how a home purchase can benefit you.
So what does all this really mean to you?
If you are looking to purchase a home over the holidays the homes that are for sale have motivated sellers, there are fewer buyers to compete with, interest rates are still great and you should be able to close your loan quickly; potentially with tax advantages. So what are you waiting for? Get Started Today