We are in the beautiful Fall Season and Winter is not far behind. Some say Fall and Winter are bad times to purchase a home. But that is not necessarily true. When you purchase your home really depends on YOUR NEEDS, not broad generalizations about the real estate market. Let me explain how you can reap the benefits of buying a home in the Fall/Winter in the Maryland Real Estate Market.
Here are 5 major reasons why you should get busy and move forward with purchasing a home now.
#1 Avoid A Bidding War
Although some think the real estate market shuts down in the Fall/Winter, this is not entirely true. There are still plenty of great homes on the market at this time of year. Because other buyers in your area are sitting it out until the crowded Spring/Summer season, this leaves you with more of the playing field and a better chance of having your offer accepted without too much competition.
#2 Get a Better Deal and Pay Less
Sellers who failed to sell in the Spring/Summer are more serious about getting their home sold before the end of the year rather than waiting until next Spring. Sellers who overpriced their homes in the Spring and Summer have now possibly reduced their asking price or be willing to accept lower offers. Sellers who, for whatever reason (relocating for a new job, need the cash, need to downsize), are more motivated to sell their home before the year is out. This is where we put our negotiating hats on and can possibly get you that great deal!
#3 Lock in Low Interest Rates
Interest rates remain fairly low at the moment. Now would be a good time to lock in those rates because they will rise again in January after the Presidential election.
#4 Get A Better Look at Foundation and Exterior Issues
In the Spring and Summer, a home’s exterior, mechanical or landscaping issues may be masked by the beautiful green grass, flowerbeds and other recent maintenance that homeowners usually do in the warmer months. In the Fall and Winter, there is more opportunity for you to easily notice more serious issues before you put in that purchase offer.
#5 Benefit from Tax Breaks
As long as you close on your home before the end of December, you are still eligible for tax deductions when you file your 2016 taxes. A little extra cash after the holiday season will come in handy. Talk to your trusted tax preparer or CPA about how you can take advantage of this opportunity.
Your Tid-Bit Take-away
Less stress, better pricing and tax breaks are all great reasons to close on the purchase of a home before the year is out. But, even if you do not close before the end of the year, now is still a great time to at least get started with your home search. Preparation is key. Speak with and hire a professional Realtor to advise and guide you through the process. Obtain copies of all three credit bureau reports and find out your credit score. Speak with a lender to determine how much you can afford, what special financing programs you are eligible for and get help repairing any credit issues that are discovered. Save for down payment and closing costs. Search neighborhoods to determine your best fit. You will be more than ready to purchase your home after the start of the year!!
More questions about purchasing a home in the fall/winter or how to prepare to purchase a home? Feel free to contact me at (240) 355-5544 or firstname.lastname@example.org
Leticia C. Smith, JD, Realtor
Keller Williams Flagship of MD
“Building Family Legacies and Wealth Through Real Estate”