There are many trends in American life but shopping for a new home during the hectic holiday season is not one of them. If you are willing to buck the national trends and traditions or work around them, this may be to your advantage in a market year known for having more buyers than homes.
Speaking of traditions, home prices are traditionally lower during the winter holiday months. However, in our home state of Colorado during the last quarter of 2016 this trend applied only to luxury homes, whereas the non-luxury home category saw surprising gains of up to 10.6 percent increases from 2015, the second highest in the nation, as listed in the U.S. House Price Index Report.
Current national trends in 2017 show a decrease in home sales during August. According to Lawrence Yun, chief economist of the National Association of Realtors, the combination of limited home listings and prices exceeding buyer-incomes were the primary causes of the decline in sales. This may indicate that home prices are stabilizing or heading for a downturn. We are eagerly waiting for the September home sales details, which will be reported near the end of October and will keep you posted. In the meantime, if you are looking for a new home, be encouraged. Funky snow country trends withstanding, a determined home shopper may well find a favorable deal in the last three months of the year while mortgage interest rates are still amazingly low.
Advantages to consider:
- Tax write-offs for 2017 if you buy this year – mortgage interest, property taxes and certain closing costs are deductions guaranteed to lower your tax burden and may result in a tax refund for some.
- Home sellers may be more inclined to negotiate on price.
- Less buyer competition as the majority shift their focus to turkey dinner and Christmas preparations.
At A Plus Mortgage, we offer you the added advantage of excellent and personal service along with the assurance that we will make every effort to assist you throughout the home loan process to a timely closing on your new home. Happy Holiday Shopping to you~