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Real Estate Tips

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Buying a Home in Winter: Facts and Tips

Don’t let the frigid temperatures deter you from finding your dream home this winter! Here are some of the advantages of buying a house in the winter.

 

Less Buyers on the Market

Home sales drop during the winter months. This doesn’t mean you won’t be able to find what you’re looking for, the market is still very much alive. In fact, almost one million homes were sold last winter. However, it does mean you won’t have to face as many competing buyers. Knowing this gives you a bit more freedom to search at your own pace without worrying about ending up in a bidding war over your dream home.

 

Good Deals

Less demand for homes in the winter means you’re less likely to have to pay above asking price for the home of your dreams in winter. In fact, you may be able to save as much as 5%-10%, which could be tens of thousands of dollars, if you opt to purchase a home in the winter as opposed to spring or summer.

 

Observe the Durability of Homes

Viewing homes in winter means you’ll get to see how they hold up to harsh conditions. Considerations like insulation, driveway steepness, road conditions, and more will be more obvious in winter than in warmer months.

 

Tax Breaks

If you’re buying a home before the New Year, you may be able to write off some of the expenses of buying a home on your taxes. In general, the following items will be tax-deductible:

·      Mortgage Interest

·      Real Estate Taxes

·      Private Mortgage Insurance (PMI) Premiums

The details can get pretty complicated though, so it’s a good idea to consult a tax expert to make sure you get all of the deductions and credits you’ve earned.

 

Mortgage Rates

Another potential advantage of purchasing a home before the year ends is locking in a lower interest rate. If you plan on getting a mortgage, a lower interest rate will save you money when paying off your home. However, mortgage rates do not always go up with a new year, so it’s important to stay up to date on the current status of interest rates.

 

Ready to find your dream home? Blue Ridge Properties' realtors and real estate agents have you covered this winter. Find an agent here!