Did you set a goal to purchase your first home? It’s not too late! While summer is typically the busy season for real estate, there are some great benefits to purchasing a home at the end of the year including the following:
Motivated Home Sellers
Sellers may be motivated to accept lower offers in order to write off their home for tax purposes. Keep in mind the type of real estate market you’re shopping in (buyer vs. seller). If you’re shopping in a seller’s market, you’ll want to be conservative with your offer and consult with your real estate professional. With a buyer’s market, you have more power to offer a lower purchase price. In either case, speak with your real estate professional for their experienced feedback.
Considering a new build? There’s a good chance builders are pushing to meet their end of year quotas. They may offer upgrades or “extras” to sell houses before the new year.
With summer being the busy season, many moving companies have more availability towards the end of the year. It may be easier to secure movers, however, make sure you reach out to confirm their end of year schedule.
Paying Towards Something You Own
Have you been renting? Your monthly rent payment has kept a roof over your head. A mortgage payment will keep a roof over your head AND help you gain equity.
One of the best reasons to purchase a home: equity! Initially, your mortgage payment goes towards interest. Over time, more of your monthly payment will chip away at your balance owed. As the balance decreases, you gain equity – consider it a type of savings account.
Personalize Your Home
Do you have your heart set on a professional kitchen, master bathroom oasis, or modern fixtures? With your own home, you can personalize your house to your design taste. You won’t have to worry about a landlord telling you “no.”
To summarize, there are some great incentives to purchasing at the end of the year: motivated home sellers, builder incentives, available movers, paying towards something you own, gaining equity and personalizing your home. If you have not downloaded our app to complete your Mortgage Application, follow this link: https://www.directmortgageloans.com/mobile-app The clock is ticking!