Home buying during the holiday season may seem to be a crazy task to try to tackle but, the holidays are actually a great time to find real estate deals.In most parts of Portugal, house sales follow predictable seasonal patterns. They’re strongest in surrender and bottom out around Christmas and the New Year before picking up again in spring.
That means that November-January is a great time to look for a house. There are other advantages to buying at year-end, too. So if you are thinking of purchasing a home in the near future, consider- fast-forwarding your plans and starting your house-hunt now.
Here are five good reasons:
I. Low-interest rates
Interest rates and home prices are at all-time lows…and they could get even lower. Historically interest rates have seen drops every December through January.
2. Less competition
With fewer active house-hunters out there, you are unlikely to and up in a bidding war that would drive up the price for the house you want or put it out of your financial reach. Less competition also means less stress for you during the bidding process.
3. Favorable mortgage terms
Fewer home sales translate into less demand for mortgage money during the holiday season. Lenders may be willing to shave a few basis points off the interest rate they offer you or to forgo some of their fees in order to get your business.
4. Motivated sellers
With the unemployment rates still high and with holiday shopping drawing near. Many home sellers are extremely motivated to sell immediately. They will be eager to sell and to avoid scheduling their holiday plans around viewings by prospective purchasers, so they are likely to look at any reasonable offer favorably and to negotiate on price. They may also be open to requests for extras like appliances and window coverings, and to giving you the closing date you want.
5. Tax deduction
With the tax deduction, if you close on or before December- 31, you are likely to be eligible to deduct the interest component of your first monthly mortgage payment from your taxable income for that year. You may also be able to deduct any money you pay for points to reduce the interest rate on your loan. Consult a tax advisor to see how the mortgage interest deduction applies in your situation.
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