While you may think it’s crazy to tackle the huge task of home buying during the schedule-jammed holiday season and start of a new year, the holidays are actually a great time to find real estate deals in today’s new economy.
Interest rates are at an all-time low, prices are greatly depressed and inventory is plentiful. Here are five other reasons the start to 2010 promises to be filled with better-than-usual home bargains:
1. Low interest rates – Interest rates and home prices are at all-time lows.
2. Serious sellers – With unemployment rates still high and looming holiday expenses, many home sellers are extremely motivated to sell immediately and are more willing to negotiate a lower home price.
3. Slower market – With many people busy gift shopping, traveling and entertaining, November and December are traditionally slow for real estate, so sellers are ready to talk in January. On-the-ball buyers can take advantage of that fact and find less competition for the most desirable homes. Fewer buyers and plenty of listings on the market mean bidding wars with other buyers (which can drive up the cost of the home) are less likely to occur.
4. Faster closings – Fewer transactions mean faster closings. The winter months are historically slower months in the mortgage business, files get processed faster.
5. Tax deductions – There are still great incentives for first time home buyers as well as current homeowners until April of 2010. Don’t miss out on your chance to take advantage of these Government programs.
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