Are the Holidays a Good Time to Buy a Home in Santa Barbara?
Many people think the holidays are a bad time to sell or buy a home in Santa Barbara. While this may be true for some, it might make sense for others. Sellers might be anxious to close a deal by year-end, and there are many great homes for sale around this time of year. If your schedule allows time for a little house hunting, here are a few reasons why the holidays might just be the perfect time to buy a home:
- Interest rates: Mortgage interest rates are currently at or near all-time lows, but there is great anticipation that the Federal Reserve will begin raising rates again, possibly as early as December. An interest rate environment as favorable as this has been may not be available again for a very long time.
- Motivated sellers: If someone is going through the effort of trying to sell a home in Santa Barbara during the holidays, the chances are that they are highly motivated to sell. They may be moving into a new home of their own in January, or one of the income-earners might need to re-locate due to job demands. Whatever their reason, they are usually more willing to negotiate on price.
- Anticipated price increases: Zillow estimates that home values will continue to grow in 2016, so now might be the best time to take advantage of the lower home prices usually available at the end of the year.
- Tax incentives: Closing on a home in December will allow you to take advantage of this purchase on your 2015 tax returns. Depending on your individual financial situation, you might be able to deduct home purchase costs, mortgage interest, property taxes and points which could then result in a lower tax amount for you.
- Less competition: When you are trying to buy a home at the same time as everyone else, you might be forced into paying more money. When less people are looking, you are more in control of the price you need to offer.
December is a great time to buy or sell a home in Santa Barbara. Whether you need home buying tips, are looking for information on how to find a good real estate agent, or need house staging tips for the holidays, contact our Coldwell Banker real estate office today and let us make the whole process easy and stress-free.
About Barbara Reaume: Realtor Barbara Reaume helps clients sell or buy a home in Santa Barbara, assists with Santa Barbara relocation needs, and provides insights on purchasing land as an investment. Visit the website at http://www.barbarareaume.com for more information on Montecito realtors. “Like” the Facebook page for insights on selling a home in Santa Barbara. Call 805-610-5403 for home buying tips or to request a quick quote.