Most seller’s list their homes during spring and summer months, and there is often a buying frenzy during that time. However, buying a home in 4th quarter has its advantages. Here are the top 9 reasons you should consider buying a home in 4th quarter rather than waiting until spring.
- 1. Limited Competition
- Typically, there are fewer people buying a home in 4th quarter, so you are less likely to be caught up in a multiple offer bidding competition.
- 2. Potential Tax Benefits
- Closing on a home in 4th quarter will have you seeing tax benefits for the new year. Speak to your accountant to find out more.
- 3. Motivated Sellers
- Impending holidays may make sellers more motivated to expedite the inspection and closing process.
- 4. True View of the Home
- Seeing the home in poor weather may give you a better idea of any needed repairs that you might not see in good weather months.
- 5. Better Price Potential
- With less people considering buying a home in 4th quarter, you could see softer prices or sellers willing to be more flexible with their price.
- 6. Expedited Loan Timelines
- In some cases, with fewer mortgages in line for approval, you may find your mortgage professional is able to get your loan file completed and through the underwriting process at a faster pace.
- 7. Potential to Close Faster
- You may find that all parties involved are motivated to get the transaction finalized and closed before year end.
- 8. Mortgage Rates are still low
- As of this writing, mortgage rates are still low; potentially increasing the amount you are able to qualify for. When interest rates rise, this will impact your monthly payment and qualifying amount.
- 9. Waiting until Spring Could Cost More Than You Think
- Although predicting what the real estate market will do into the future, historical trends show that there is much more competition for homes during the first half of the year. We also can’t predict mortgage rates, but statistics show they have been rising slowly over the past couple of years and very likely will continue to rise.
Still wondering whether buying a home in 4th quarter is right for you? Give us a call. We’re always available to answer any questions you have and ready to help you meet your real estate goals.