The end of the year could be the perfect time to buy a new home.
It’s the time of the year where just going to the mall or the local shopping area can be a chore. The traffic is bad, and people are trying to stay in the holiday spirit as they wait in line after line. But it’s actually a great time of year for a shopping trip you might not have considered: a new home.
Many homebuyers focus on purchasing a home in the spring, but that means competing with everyone else in the market. But homebuyers who consider the holiday season as the right time to buy often face less competition.
As we wind down 2015, interest rates are still low, which provides you with favorable mortgage options. You might even get a better price at the end of the year. A 2014 study showed that housing prices can vary widely between winter and summer. People selling their homes during this period of the year could be facing a relocation, and might be more motivated to sell, which can put you in a better position to negotiate.
When buying a home at the end of the year there are also potential tax advantages, and your tax professional can help you decide if those benefits would be right for your situation.
And if you’re renting, you know that your rental costs may rise in the new year, so it may be the opportune time to investigate whether that home loan payment could be cheaper than paying rent.
Now that a new home is on your shopping list before the end of the year, what’s next?
Your next step is to consult with a trusted mortgage professional. At Evergreen Home Loans, we have professionals that can answer your home buying questions, and start the prequalifying process.
Don’t worry if you don’t have a large down payment. There are many affordable home loan programs with flexible down payment options. If you find an option that works for your finances, and your future financial goals, your mortgage professional will help you get preapproved so you and your real estate professional can start the house hunt.
Who knows, you might even find yourself ringing in the New Year in a new home!