Wednesday, December 17, 2008

10 Reasons to Buy/Sell before the New Years

Here are some great reasons why you should sell or purchase a home before December 31st.

1. Tax Savings-Closing on your new home buy the 31st means you can deduct mortgage interest, property taxes and points on your loan on this year’s income tax return. These deductions are significant, especially in the early years of your loan when you are paying off so much interest.

2. Sellers are more motivated. with inventory still on the market, many sellers will also be anxious to sell by the end of the year so that they can enjoy tax savings on the next home they purchase. There will be more leverage when your Realtor negotiate the best deal for you.

3. If you are buying a new house, there is a chance builders will be offering incentives. Your Realtor is able to negotiate these deals for you as well.

4. Your housing choices during December are still relatively plentiful.

5. It’s easier to move. many moving companies are booked six or so weeks in advance during the busy summer months. In the winter it is normally easier to secure the services of a moving company or rental equipment on shorter notice.

6. A new home for the holidays. The holiday season is a great time to celebrate your new home with family and friends.

7. Paying toward something you own. When renting, your rent payment goes toward something that last a month-a place to live for 30 or so days. When you buy a house, your monthly mortgage payment goes toward something you own.

8. Consistent payments. Landlords have the discretion to increase your rent,, plus it is exposed to inflation. Once you secure a mortgage, you can rely on consistent payments.

9. A place to make your own. When you own your house, you can update your kitchen, paint your home’s exterior any color, change your fixtures, and replace your carpeting-all with the knowledge that changes you make are your own.

10. Gaining equity. In the beginning, most of your payment goes toward interest. But gradually more will go toward paying off you principal, meaning you build up equity-or savings-in your home. Another factor in equity is appreciation. As home values go up in your area, so does your rate of equity.


Invest in your future.

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