With just a few weeks left in 2018 you might be tempted to put your home search on hold until the New Year. After all, nobody wants to buy a house when they’re supposed to be relaxing over the holidays, right?
Actually, there are some compelling reasons to close the deal before the end of December this year. If you do, you could easily be saving thousands that you won’t save if you wait until January.
1. 2018 Tax Credits
Tax savings are one of the biggest reasons to buy a house right now. Close on your home before January 1st, 2019 and you’ll be able to deduct mortgage loan interest, some closing costs, points, and property taxes from your 2018 tax return. There are also tax credits still available for installing energy efficient water heaters, windows, HVAC units, and more.
Also still available for 2018 is the home office deduction. If you work at home, you can still take a deduction for your office space – but that deduction ends in 2019.
2. Less Competition
The real estate market tends to slow in November and December as most house hunters are focused on holiday plans and enjoying a little downtime. As a homebuyer, it’s unlikely you’ll be up against other people bidding for the same property you are. That one element alone can save you thousands, or tens of thousands, on the selling price.
3. Motivated Sellers
Most sellers would like to wrap up their home sale by the end of December as well. They may be looking forward to tax credits on a new home, or they may be motivated by fewer showings on their property. Motivated sellers are usually amenable to moving the deal along in an effort to close quickly.
4. Shorter Time to Close
In Charleston it can take a couple of weeks to schedule a home inspector and other contractors necessary for making repairs. With fewer homes being sold in November and December, you may find contractors can fit you in right away, which moves the whole process along more quickly.
5. Interesting Opportunities
At the end of the year you can find some interesting properties for sale in Charleston. Homeowners who own vacation homes often wait until summer and fall are over to list their second homes or rentals. Some of the most desirable properties pop up in November as vacation homeowners prepare for life changes or other investments in the New Year, so keep an eye out for gems right now.
It takes about 30 days to close on a house once an offer has been accepted. If you’d like to take advantage of all of the benefits of buying a home before 2019, get the mortgage approval process started immediately, then carve out some time for serious home shopping.