6 Reasons to Buy Your Houston Home Now
While spring and summer are the most popular times to buy a home, real estate is a year-around business! And for Houston home buyers, the best deals may present themselves after the rush is over. Here are six reasons why this fall could be the ideal time to buy your Houston home!
1. Interest rates are still low, but they could be increasing soon. Economists expect the Federal Reserve to bump up the benchmark lending rate this December. Any subsequent increase in mortgage interest rates will be modest. But for every dollar spent on interest, you have one less dollar available to qualify for your dream home.
2. Houston home inventory is good. Homes that did not sell over the summer, usually stay on the market through the fall. However, as the holidays near, some discouraged sellers may pull their homes off the market.
3. Sellers are motivated. Sellers who still have homes on the market become anxious as the seasons change and buyers thin out. This time of year, we see more price adjustments and concessions from homeowners who need to sell before year-end.
4. Fewer home buyers means less competition. Tired of homes going under contract before you could see them? Weary of bidding wars? The seasonal lull during the last quarter of the year, is about as slow as the market ever gets. Take advantage of it!
5. Less backlog with lenders, bank appraisers, home inspectors and other professionals. With fewer transactions in progress, there is less chance of a delay in your mortgage underwriting, bank appraisal or closing process. You’ll also enjoy better attention and service from less-harried professionals.
6. Income tax benefits around the corner. Buy now, close before year-end, and enjoy the income tax deductions on your 2016 tax filing! If you itemize your income tax return, you could take advantage of home ownership deductions like mortgage interest, property tax payments and certain closing costs. See the IRS.gov page on Itemized Deductions, or speak to your professional tax planner for guidance.
Looking for a new home in West Houston? Let us be your guide to Houston Energy Corridor and Memorial neighborhoods! Obtaining the expert advice of the KW Energy Corridor Team is the first step in a successful home purchase. We will be happy to provide you with local market insights, current sales trends and community information. Contact us today for your home buying consultation!
KW Energy Corridor Team
11757 Katy Fairway | Suite 930
Houston, TX 77079