5 Things Home Buyers Can Be Thankful For This Season
Date: November 21, 2018
Thanksgiving is a good time for all of us to reflect and count our blessings. You wouldn’t know it by reading the headlines – gloom and doom all around! – but there’s actually a lot we’re thankful for this season. And there’s a lot to be thankful for if you’re a prospective homebuyer, too.
Here are five things that home buyers can be thankful for when shopping for West Chester and Liberty Township homes for sale this season:
Interest rates are still (relatively) low.
You’ve probably heard news about interest rates climbing. And to be sure, they are. Interest rates had reached the mid- to upper-3% range for a while, but they’ve steadily increased to around 5% nowadays. While 5% seems high, relatively speaking, this is actually still incredibly low when compared to historic highs. To give you a little perspective, in the early 1980s, interest rates averaged 15-18% or more!
Tis’ the season for less competition.
By the time late November, early December rolls around, most people are more concerned with gearing up for the holidays than buying a new home. For people interested in West Chester and Liberty Township homes for sale, that means less competition. Sure, there’s less inventory—many sellers will wait to sell until this upcoming spring. But it means that there’s fewer buyers to compete with this time of year. If you’re in the market for a new home, and willing to move despite the threat of a snow storm!, now is the time to buy. Avoid a bidding war by getting your foot in the door now.
Sellers are more willing to negotiate.
During peak seasons – really, April through September – homeowners in the West Chester and
Liberty Township tend to have the upper hand. There are a lot of home buyers searching for local real estate. Bidding wars are common. Outrageous asking prices are the norm. Waiving contingencies happens routinely. But that all changes this time of year. Typically, sellers who list their homes during November and December are people who need to sell. Maybe they’ve taken a job elsewhere. Maybe they’re going through a divorce. Maybe it’s an estate sale. Whatever the case may be, West Chester and Liberty Township homebuyers can be thankful for having the upper hand in negotiations this time of year. It’s just one more reason to buy now during the low season!
The mortgage interest deduction remains intact.
When President Trump first took office, there was concern over potential changes to the mortgage interest deduction. This is one of the biggest tax benefits to owning a home. All of the interest you pay on your mortgage (which, in the first several years of owning your West Chester or Liberty Township home can be 50% or more of your monthly payment!) can be written off come tax season. Although Republicans lost control of the House during the recent elections, we’re pretty confident that nothing will change in the tax law regarding mortgage interest deductions for the foreseeable future. It’s not a hot button issue, at the moment, and one that wasn’t raised by many during the election season. So prospective home buyers can be thankful for this major tax benefit if they buy a West Chester or Liberty Township home this year.
Buying a home means building equity.
Step back and think about how much you’re spending on rent right now. And then factor in the rent your roommates or significant other are paying (if you’re planning to buy together). That’s a lot of cash each month! When you buy a West Chester or Liberty Township home, the thousands of dollars you spend on rent each year will be going towards a mortgage. Over time, you build equity in your property. This is a great way to set yourself up for long-term financial security. And THAT is something to be thankful for!
What are you thankful for this holiday season? These are only a few items that come to mind – we’re sure you have plenty more, whether you’re a prospective home buyer or not.
On behalf of all of us on our team, we want to thank you for another wonderful real estate season. We’re thankful for the friends we’ve made, the deals we’ve helped negotiate, and for all of our clients who have landed the West Chester and Liberty Township homes of their dreams. If you’re in the market for real estate, give us a call (once the turkey settles, of course!).
Until then, cheers!