As we move forward with Thanksgiving preparations, we are seeing more and more Black Friday deals. Most people are wondering where the best discounts are and what the best gifts will be. Few people are actually pursuing purchasing a home during this time of year. However, according to Realtor.com, there may be some great benefits to shopping for your next home now.
1. Less competition from home buyers.
Most buyers take the month off to celebrate the holidays, attend parties, and host out-of-town guests Or, maybe they’ve heard that this is a lousy time to buy a house. Whatever the reason, shopping for real estate at a time when fewer buyers are in the market can pay off big.
2. Tax advantages.
Tax benefits go both ways, notes Realtor® Al Cannistra. Home-ownership brings numerous tax perks, from deducting mortgage interest to property taxes. (Note: The House of Representatives just passed its version of the GOP proposed tax plan, which would cap the property tax deduction at $10,000. The House bill also would only allow homeowners to deduct the interest on mortgages up to $500,000, down from the current $1 million.) Some states also might have a homeowner’s tax exemption, says Cannistra: “If your state does, closing the deal by Dec. 31 rather than waiting for the first week of the new year can make a year’s difference in whether or not you get that valuable tax savings.”
3. Greater accessibility to professionals.
“Since December is usually a slower month all around, you will have easier access to movers, inspectors, and mortgage brokers,” says Jennifer Sommers with Sotheby's International Realty in Boca Raton, FL.
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