After reviewing more than 32 million real estate sales since 2000, analysts at Realtytrac have discovered October is the best month to close on a home purchase. It's that middle month between the upcoming holiday season and the end of the summer, and many buyers can experience a savings of 2.5 percent or more below the going estimated market value on their home purchase. This savings isn't the only reason to consider buying in October.
Many sellers are very motivated to get their home SOLD before winter is full-on and the holidays are here. Properties that have been on the market all summer will have especially motivated sellers. Plus there is the potential of a slight increase in interest rates, and lower interest rates now means you can purchase more home now before any interest increase.
Don't forget the end of year tax perks as well. The tax code incentivizes home ownership, and the largest benefits are in the early years of your new mortgage when the interest payments are very high and the interest can be deducted from your tax liability.
And as the weather is chillier, home systems such as your furnace have increased work load and an HVAC qualified inspector is your best bet to determine how much life the system may have left and any general repair issues that should be addressed. This will help make sure your new home systems are in proper working order.
Buying a home in October is truly ideal if you would like to experience your very next holiday season in your own home.
Contact Kathi Olmstead, CRS today for more information and expert advice at 907.244.8020. We are ready to help you!