"Fall presents a favorable time for homebuyers as seasonal sellers become more motivated to close deals before year-end, providing buyers with increased negotiation power and opportunities for cost savings. Buyers can benefit from lower competition, leading to fewer bidding wars and the potential for negotiating closing cost credits, home warranties, and repair concessions. Closing before Dec. 31 can offer financial benefits such as tax deductions for property taxes paid at closing and mortgage interest, particularly advantageous with the raised SALT deduction."
"Seasonality has always played a significant role in the housing market, with summer being the peak season for buying and selling homes. However, fall has emerged as a quieter and more strategic time for potential buyers due to various advantages that the season presents, especially in the current market climate. First-time buyers can withdraw up to $10,000 penalty-free from a Roth IRA for a home purchase, but careful consideration is advised due to the long-term effect on retirement savings."
Seasonality influences the housing market, with summer as the traditional peak for transactions. Fall provides a quieter market and strategic opportunities for buyers as seasonal sellers often become more motivated to close before year-end. Reduced buyer competition lowers the incidence of bidding wars and increases the potential to negotiate closing cost credits, home warranties, and repair concessions. Closing before Dec. 31 can produce tax benefits, including deductions for property taxes paid at closing and mortgage interest, with added advantage from the raised SALT deduction. First-time buyers may access up to $10,000 penalty-free from a Roth IRA for a home purchase, though this can affect long-term retirement savings. Lenders often provide year-end incentives.
Read at SFGATE
Unable to calculate read time
Collection
[
|
...
]