In just 10 days, we bid our final adieu to 2023. The busiest time of year to buy a Havasu home tends to be in late spring/early summer. But that does not mean that you should wait until then to look for your next property. Find out why the right time to buy a home in Lake Havasu may be right now.
Why Right Now May Be the Right Time to Buy a Home
Home Sellers are REALLY Motivated
First of all, as the year comes to a close, sellers tend to become more and more motivated to close a deal. That puts more bargaining power in your pocket. Make sure you talk over terms with your Havasu real estate agent before making an offer.
Less Competition
Next, as many people focus their attention on the holidays, they tend to put any plans of home buying on the back burner. That means less competition for you. Less competition also translates to more negotiating power when it comes time to make a deal.
Mortgage Rates Are on the Decline
Mortgage rates for a 30-year fixed-rate loan have been above 7% since August 2023. But as of the writing of this post, they managed to slip below 7% again. While not guaranteed to stay there, we do not expect a drastic change by the end of the year. As rates fall, you receive more “bang for your buck”. So, it does not hurt to take advantage of this decline while you can.
Tax Savings
Ok. So, if you are not already in escrow, this may not apply to you. But any home purchase that closes by December 31st comes with a few tax savings benefits. For example, property taxes, mortgage interest, costs, and points paid (if applicable) all become tax deductions when you file by April 15th, 2024.
If you want to look for a new home right now, give us a call. We’d love to help you start of the new year in a new Havasu home.
Sunstone Real Estate Group at Coldwell Banker Realty, Lake Havasu City, AZ