Buying a home can be hectic! Year-end can be hectic! There are extra activities, end of the year work prep, visiting relatives, school plays, parties and of course the holidays. With all of this hustle and bustle, why would someone want to add to the stress by purchasing a new house?
There are actually a few good reasons to take on the extra stress and buy now…
First, there is less competition.
In fall and winter there are typically less buyers. Less buyers means more motivated sellers, which leads to better deals for buyers.
Historically in the spring, March, April and May, the real estate market picks up with more motivated buyers. More motivated buyers, means prices typically are driven higher, with sellers standing firmer.
Second, Homestead.
Homestead exemption in Florida can save hundreds of dollars in property taxes for permanent Florida residents. If qualified, the assessed value of your homestead can be reduced up to $50,000. There is a standard $25,000 exemption plus an additional exemption up to $25,000.
One qualification needed in order to apply and receive the homestead exemption is to be in the home for a full year. This means that you would need to close by December 31, 2019 in order receive the homestead exemption in 2020.
For more information on homestead qualifications contact your county property appraiser. Most states have some sort of homestead exemption, but not all.
Third, time.
Lastly, what’s better than having a new home to celebrate the holidays in? Like the song says, “There’s no place like home for the holidays.” Many people have extra days off of work during this time of year, whether it’s burning vacation days or businesses being closed,. The extra time off can allow you more time to put your new home together. It can also be a good time to make usse of all the extra hands while family is around.
Another benefit of buying a home before the new year is that you may have extra tax write-offs, associated with a new home on your tax returns in February!
When to buy a home is a big decision and can be stressful no matter what time of the year. There are benefits throughout the year no matter when you decide to purchase a new home.
After looking at the benefits of buying before the year’s end, would you be willing to add to your stress?
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