Great reasons to buy a home around the holidays
You might be wondering if buying a home during the holidays is a wise idea. Here are some good reasons to consider buying your home during the holiday months.
Here are five good reasons:
1. December and early January are usually slower for sales and sellers are motivated since they might not have sold the property in earlier months.
2. Rates are the lowest they have been in years and many options
are available, especially for buyers willing to put down 20% or more as a down
payment.
3. There is less competition to deal with which means less stress for you during the holidays.
4. Tax advantages: you may be eligible for deductions on points and mortgage interest if you close by the end of the year. Consult your tax advisor. deduction.
5. Lower prices & lower rates.
You should decide if this is a good time for you to buy. Keep in mind, homes that did not sell over the summer are also available are great deals. Furthermore, pricing might rise again after the New Year, so it might be a good time to find a bargain.
Good luck with your home search.
Whether you’re a first-time buyer looking for the perfect starter house, or a seasoned pro trading up to your waterfront dream home, you are probably asking the same questions: Can I afford this? And is this the right move at the right time?
Of course, you can use a mortgage calculator and ask the experts — lenders, agents, and mom — but the reality is that you are the only one who truly knows whether you can afford to buy right now.
Simple Budgeting: Start with is a detailed expense breakdown. Analyze what you spend — at least get a full month’s snapshot. You’ll see where you may have wiggle room in your budget and what you can afford for housing. (Be sure to count all those little incidental expenses like dry cleaning and yes, those mid-afternoon Starbucks lattes count in the budget, too!)
Debt-to-Income Ratios
If you figure out that you can afford your projected budget, chances are you’ll qualify for a mortgage in your range. Lenders will determine how much loan you can afford by using something called your debt-to-income ratio.
If your credit is stellar, you will be rewarded. Lenders may stretch these ratios allowing you to purchase more home and take advantage of more lending programs.
So go ahead and get qualified today. It is simpler than you think.
