Are you in the market to buy a home? Have you outgrown your home? Are you looking for a shorter commute? Or an updated home? Here are winter home buying tips from Zillow to add real estate shopping to your December to-do list.
Historically, home prices are lower in December than any other month.
There is some good news if you’re not in the market yet: while home prices are rising, they are rising at a much slower rate.
U.S. home values are currently up 6.4 percent year-over-year and have been slowing for nearly two years. Next year home values are expected to grow at 3 percent, roughly half of their current pace. These changing dynamics and a shift toward healthy stabilization, put more power in the hands of buyers. Therefore, the value of your home in Vintage Oaks is expected to increase your home equity next year.
Low Mortgage Rates
Low mortgage rates are driving affordability. Rates, which are currently around 4 percent, are projected to rise up to 5 percent by the end of 2015.
Although a point may not seem noteable, it can translate to significant savings on a monthly basis over the life of a loan. If rates go up by just one percentage point, your purchasing power is reduced by 11 percent. If you started shopping to buy a home a few months ago, you should run your affordability numbers again before continuing your home search. Take advantage of low rates and buy your dream home in Vintage Oaks.
If sellers are listing their home for sale this busy time of year, this likely means they are serious about selling their home.
Regardless of why they are selling, this puts you in a much better position to negotiate and ultimately cut a deal to buy a home since the competition is minimal this time of year.
At the end of the year, everyone is looking for ways to lower their tax bill. Closing on your new home before December 31st is one way to get tax breaks.
You can deduct home purchase costs including mortgage interest, property taxes and points while you build equity and save yourself money.
Take advantage of tax savings and low mortgage rates and buy a home in New Braunfels in Vintage Oaks this year. Vintage Oaks has a variety of featured homes and unrivalled amenities for your family to enjoy.