5 things home buyers can be thankful for this season.
Updated: Dec 7, 2020
Here are a handful of things homebuyers should be thankful for this year
1. MORTGAGE RATES REMAIN LOW
Mortgage rates are floating around 3.8% as of October 31st, compared to 4.8% one year ago, according to Freddie Mac. Whether you are looking to buy or save money on your current mortgage, this is certainly something to celebrate!
2. HOME PRICES ARE STABILIZING
Home prices have been climbing for the last couple of years, largely due to low inventory levels and new construction. However, over the past few months, the rate of that growth has started to slow. In fact, according to Realtor.com, national prices actually dropped approximately 1.8% from July to August.
3. COMPETITION IS DOWN
Most people aren't looking to purchase a home this time of year, so you are in luck! Fewer buyers mean lower prices and more properties to choose from. Your chances of getting into the home of your dreams without a bidding war has increased!
4. VARIETY OF MORTGAGE OPTIONS
There are a variety of choices for today's buyers, including options for down payment assistance and mortgages designed for those with student load debt. There are options for every budget and lifestyle making it much easier to get into a home now than ever before.
5. POSITIVE TAX BENEFITS
Those coming into the market may not have to jump through hoops to get savings from housing-related deductions at tax time. More generous standard deductions may mean greater tax savings and simpler filing of returns come April 15.
Michelle Paez (954) 993 0696 Buy. Sell. Invest. Real Estate Expert Since 2009
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