Yes the weather outside can be frightful on a cold Minnesota night when it snows and is below zero...but this year more than ever, those considering buying a home may not want to wait until the spring thaw. Whether you are considering a townhome in Hugo or White Bear Lake, a lake home on Forest Lake or acreage in Anoka County, there are deals throughout the north and east Twin Cities metro. But low home prices are not the only reason to take the "polar-plunge" into buying a home in the winter.
Here are FIVE of the BEST reasons homebuyers might want to move up the timeline for a new home:
- Extended and Expanded Tax Credit. The homebuyers tax credit is not just for first time buyers anymore. Now people who own a home but plan to buy a new primary residence can receive a tax credit too. It is not as large as the first time buyer credit of $8000 but $6500 can come in very handy when decorating or landscaping that new property. Click HERE for additional information on the 2010 Homebuyers Tax Credit.
- Fewer Buyers in the Market. When the first expiration date was set up, many first time buyers rushed to close by the end of November. The procrastinators are still procrastinating now that they have until April with the extended credit. Smart buyers are looking right away as sellers are selling all year round.
- Less Demand equals Lower Prices. This is basic economics. Fewer buyers in the market are going to mean less chance of multiple offers. At the end of last fall, in the rush to have contracts in place to close by the end of November, there were literally dozens of offers on well-priced bank-owned homes in good condition throughout Anoka County. You still might have multiple offers at this time of year but your odds will be better.
- Great Interest Rates. These extremely low interest rates will not last forever. Take advantage of the rates before they start rising.
- Inventory. Homes do come on to the market during the winter. People relocate, get married, have children, retire etc and don't always want to wait until spring to put their home on the market. Also banks list properties as soon as they get the keys. With new inventory coming on all the time, it is important to look or you could miss a great deal.