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2010-11-14 09:10:18
5 Reasons to Buy a Home Before the New Year

Admittedly, going out and looking at homes for sale in winter weather is not very appealing.  However, this doesn't mean it's not a good time to buy.  There are at least 5 reasons to buy a home before the new year:

  1. There's less competition. How many times did that darling house you had your eye on in May get bought out from under you while you and your spouse talked over making an offer the very next day?
  2. Great deals are out there.  Many bank-owned homes are on the market and new ones are listed every day.  Banks don't care what season it is or what the weather is doing - new bank-owned homes will come on the market during the winter months.
  3. Sellers are often pressured. Motivation is critical in any real estate situation. Find out how long the house has been on the market. If it's been hanging around awhile, there's a good chance the seller is getting antsy. Sellers frequently drop their price -- especially as Christmas draws near -- giving buyers lower down payments and closing costs. If it went on the market after the peak season ended, the seller may have a pressing reason to sell, such as a job transfer, financial problems, divorce or illness to name just a few.
  4. Tax advantages. When you buy a new home before the end of the year, you'll be able to report items such as mortgage interest, points, closing costs, property taxes and more on your tax return.
  5. Interest rates are at historic lows. If you're ready to buy, waiting until next spring can spell disaster. Many experts think we've seen the end of record-low interest rates and that mortgage rates will only go up from here.

HOUSE HUNTING TIP: If you're having trouble finding a home to buy this winter, ask your real estate agent to search in the MLS for listings that were either temporarily taken off the market or canceled. Your agent can find out if these sellers still want to sell. If so, they may be willing to show you their home and entertain an offer. Keep in mind that some of the listings that were withdrawn from the market didn't sell because they were priced too high. But, the appeal of not having to put one's home back on the market is a big draw for many sellers, perhaps enough to convince a seller to accept a realistic offer.

If you would like assistance searching the MLS for these canceled listings, please call us at 801-858-3070 or toll free at 1-866-532-9202.

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