It’s common knowledge that real estate is influenced by the economy, job market, and mortgage interest rates. However, many don’t realize that real estate can be influenced by the seasons!
The fall is one of the busiest times of the year to buy a home; autumn comes in second only to the spring. There are many potential benefits to purchasing a home during the fall season:
- Sellers may be anxious. Often, home sellers who were not successful in selling their home before summer’s end become nervous about entering a new season with their house “still” on the market. This could result in a price reduction to which you would benefit.
- Enjoy home appreciation next year! Historically, home prices tend to rise by the time the spring housing market begins. Thus, a home you purchase in autumn could result in more home equity by spring!
- Old Man Winter may not cooperate with your move-in schedule. By closing in the fall, you avoid the weather-related downsides associated with closing on your home in the middle of winter. Frigid weather and icy roads and walkways can all be hazardous to your move.
- End the year with a tax break! If you purchase a home before the end of the year, you can enjoy greater tax deductions than you might have before becoming a homeowner. Property taxes, mortgage interest, even the per-diem interest you paid at the closing are all tax deductible!
However, the biggest benefit to purchasing a home is likely unique to your specific situation. Your home and your mortgage are among the most important decisions of your life. The strategy you use today can impact your life for years to come.
If you’re contemplating a home purchase before the end of the year, talk to us NOW, before you find your new home. We’ll ensure your mortgage matches your needs, complements your financial plans, and helps you attain your financial goals.
Warren Goldberg is President of Mortgage Wealth Advisors, a Certified Mortgage Planning Specialist®, and a published author. His interviews include Blog-Talk Radio, Newsday, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.