Why it Makes Sense to Purchase a Home at Year’s End
Very seldom do people prefer to uproot their family and go through the tensions of Myrtle Beach home purchasing and moving throughout the winter holiday season, however for those so inclined, the holiday season may offer home buying bargains. Her
Why Buying a Myrtle Beach Home For Sale Makes Sense During The Holidays
Less Market Activity— Lots of family, work and school activities, integrated with the weather condition in many places, cause less real estate transactions over the holidays. Given that fewer individuals overall are aiming to buy houses, you will have less competition for your chosen home– and this gives you more leverage with the bargaining process.
Home sellers during the holidays often need to make adjustments in a downward direction or make other concessions if they need to sell during this time of year. Keep this in mind as you search for Myrtle Beach homes for sale. Bargains may be offered, and the market price might be more available to negotiation.
Inspired Sellers— People who are attempting to sell their houses over the holidays frequently have excellent incentives to sell, such as approaching job relocation. If a home has already been on the market for a long time, these incentives are often multiplied.
You might have the ability to use this seriousness to your advantage (assuming you are not in a likewise immediate “have to purchase” situation). Always be in a position to negotiate from a fair position with sellers and be open to alternatives to a lower price like paying part of the closing expenses.
Possible Year End Tax Breaks — If you plan to itemize your taxes, you can potentially receive a tax deduction for any points you paid upon closing, as well as mortgage interest and property taxes. Whether it is to your advantage to buy prior to or after year’s end depends on aspects such as how many other deductions you have this year and anticipate to have next year.
Always consult with your tax adviser before purchase. It may be to your advantage from a tax standpoint to buy before the end of the year, however, this should not be you only reason for purchasing a Myrtle Beach home for sale before the end of the year.
Much Better Rate of Interest– Within the general trend of rates of interest, there is frequently a cyclical pattern of lower rate of interest throughout the Christmas holiday season — not from the kindness of lending institutions but due to limited need forcing higher competition among loan providers.
There are a lot of factors that can obscure or overload this cycle, however in general, you should see preferable rates of interest around the holidays compared with the times immediately prior to or after.
Faster Closings— Generally, all parties involved have strong reasons to push closing transactions toward the end of the year. Lenders want to close their books, real estate agents want to receive their commissions before the year closes, sellers want to proceed to their brand-new home and settle in for the holidays– and much like the sellers, you want to settle in too.
Since there are typically fewer closings taking place in December and all of the parties involved are motivated, it should be easier and take less time to close just prior to the holidays.
Not all of these factors will consistently apply. For instance, if you are shopping a home in a winter vacation area like a ski resort or comparable high-demand winter destination, these circumstances may be reversed– except for the tax implications. However, for most of those wishing to buy a Myrtle Beach home, the holidays represent an opportunity to buy a house under mostly beneficial economic conditions.
The weather in Myrtle Beach is usually mild in December which makes your chances to buy a house around the holidays simply wonderful. Delight in the holiday season as you explore your options. Always remember to make sure Santa knows your forwarding address!
Give Full Potential Real Estate a call today to explore your holiday options.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577