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Written by: Lauren Fowlkes
Tis’ the season for holiday shopping. Checking your list and checking it twice - making sure everyone from family to friends gets the picture-perfect gift. But what if it could be your new home that Santa brings this year as your big present for you and your family to enjoy? While it may seem counterintuitive, taking advantage of the housing market around the holidays can be a great idea for your family. Everyone’s situation is different so it’s important to assess your needs and goals for your homebuying process. Here are three reasons why buying a home during the holidays is an opportune time.
Less Competition from Homebuyers
Bidding wars with other home buyers looking to snag their dream home can make any house hunter stressed. It’s good to note that during the holidays there is less competition between homebuyers. Taking advantage of this time of the year could give you more time to decide instead of feeling pressured to make the quickest and best offer.
The downside is there are fewer houses on the market but with a good real estate by your side, you will be able to find the home of your dreams.
Sellers Are More Flexible and Motivated
With fewer people house hunting, sellers may be more flexible with negotiating prices which could mean big savings for you.
There are a number of reasons that may lead a seller to be a lot more flexible and motivated to sell. If a seller puts their house on the market it may be because of a time-sensitive situation:
---A relocation may be on the horizon and they want their kids to settle in before the new term.
---A seller’s house may have been on the market for a while and they are anxious to finally sell it.
---If the property is a rental and they are expecting a loss, they would ideally want to take the hit in this calendar year.
---A seller could be set for a salary raise and consequently, they may be subject to capital gains tax. They would be more motivated to sell their home to avoid any possible taxes.
Future Homebuyer Tax Advantages
As a homebuyer, you, as well as the seller, may be able to take advantage of tax savings such as:
---Deducting mortgage interest or property taxes.
---Taking advantage of homeowners’ tax exemption if your state permits.
---Closing fees are tax-deductible if you itemize.
*Tax questions should be directed to a certified public accountant.
Take into consideration the above pros and see if buying a home this holiday season is the right choice for your family.
InterLinc’s mortgage professionals take the mystery out of the mortgage process. One step at a time, we will help you through your home buying process. Contact us today to start your journey toward homeownership.
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