There’s no place like home for the holidays and if a dream home is on your wish list this year, why not take advantage of winter home buying benefits?
According to the Wall Street Journal, interest rates could go up in December, meaning buying now might be the smartest move. From lower competition to serious buyers to lower prices and tax benefits, buying a home during the winter season is a smart move,especially for first time homebuyers.
Lisa Foradori, Senior Vice President of Mortgage Banking at JPMorgan Chase & Co., spoke with FOX40 about the many benefits of purchasing a home during the winter and explained how potentially rising interest rates (for the first time since 2008) will mark this winter as the ultimate time to buy.
Here are some reasons to buy now:
- Serious buyers & motivated sellers
- Less competition = more attention from real estate agents
- How a slow housing market in the winter primarily benefits first-time buyers
- Lower prices & more flexible negotiating during the winter
- How buying a home before the New Year leads to tax savings
- Winter is a big litmus test for homes since big systems such as heating, plumbing and the roof, gutters, etc. are put to the test
- Spring versus Winter
- What rising rates could mean for the real estate market