Buying a Home in the Fall or Winter




Buying a Home in the Fall or Winter

Traditionally, the best time to buy a house is in the Spring and early Summer months due primarily to more available inventory.

The reality is that you may be able to find better deals in the off seasons and avoid the heavy competition. Plus, there are end of year tax incentives to consider. 

Buying a home in the Fall or Winter won’t necessarily change your approach to buying a home, but there are some things to consider. Check out some of our tips:

The Good, the Bad and the Motivated
While there is less inventory at the end of the year, it tends to be a slower market, giving you some extra time to consider your options before making a major financial decision. Plus, sellers might be more motivated to accept your offer due to the likelihood of fewer competing offers being presented. You may also be able to close on a home more quickly as typically all parties involved (the credit union, real estate agents, title company and assessors) are not as busy this time of year.

Tax Benefits
End of year tax breaks should be on all of our holiday wish lists. Buying a home comes with important tax break opportunities on mortgage interest and property taxes. Depending on how you choose to purchase a home, you may be able to pre-pay taxes and interest to lower your overall taxable income. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Be Prepared
No matter what time of year you decide to buy a home, it is important to be financially ready. Our mortgage consultants are here to guide you through the home buying process and offer sound advice as you make one of the biggest purchases of your life. We also recommend speaking with one of our financial consultants to ensure that your finances are in order and you’re not making an offer that your pocketbook can’t back up. 

Experts predict that mortgage rates will rise in the first quarter of 2022. Don’t wait, apply today to lock in your low interest rate with Provident.

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