According to new research from RealtyTrac analysts, October is the prime time for closing on a home purchase. Since 2000, RealtyTrac has reviewed more than 32 million real estate sales, and October buyers on average get a “2.6% discount below estimated market value.” So what makes October so special? “It’s that middle month between the summer selling season and the holidays [when] people are trying to squeeze in a purchase or a sale,” said RealtyTrac Vice President Daren Blomquist.
While clearly October is a great month to purchase a home, I think anytime between now and the end of the year is a prime time to purchase! Here are my top 3 reasons why!
#1 - Motivated Sellers - There are motivated sellers out there and they are willing to negotiate. Sellers realize that the typical “summer selling season” has passed and if they have their home on the market now, it’s likely they are motivated to sell. Even better, if you can find a home that has been on the market for over 60 days, it is likely in this market that the seller would be more motivated to negotiate on their pricing.
#2 - Rising Interest Rates - It is not a question of if interest rates will rise, it is a matter of when they will rise. If the interest rate rises just 1 point this will change your buying power and the home that you can afford now may become unaffordable.
#3 - Tax Perks - End of the year tax perks when purchasing your home are always nice! Enough said!
There are many reasons I believe purchasing a home at the end of the year will get you a nice discount. If you would like to talk more about this or would like more information please so not hesitate to call me.