There’s a lot of talk about wanting to wait until after election to buy or sell a home. This fear has lender’s offering some of the lowest interest rates we’ve ever seen in our lifetimes. This adds to your Buying Power providing balance to the current, low inventory, Sellers Market. Meaning you can qualify for a more expensive house based on the interest rate.
Now, lower payments are wonderful, but what if you don’t have the ability to afford a home until your tax returns are filed?
There are many down payment assistance programs out to accommodate buyers in this instance.
This is money that does not get paid back.
Sounds too good to be true, right?
Well here’s the catch. It comes at a higher interest rate.
If this is what you need or would like to do, I recommend doing it to get into your home.
Stop paying rent. Start paying mortgage. Build equity. Live on your terms. Be an owner, not a renter .
My personal and business opinion is simple – buy before the end of the year.
If you wait until “Tax Time” you will be putting yourself up against everyone else that’s doing the same.
Meanwhile, while everyone is planning for the holidays, overspending on gifts, taking trips… more are becoming motivated to sell. Whether it be to start the new year in a new place, a chance to close a transaction before the end of the fiscal year, or even just cashing out.
…but two things are consistent.
Better deals are had before the end of the year, and tax season is always a time with multiple offer situations.
It’s an awful lot harder to negotiate for closing costs, or a reduction in price, when you’re up against 6-10 other offers.
Now take into consideration the Fear of Buying/Selling that comes with the uncertainty of an election.
Some see fear, curiosity, doubt, and reason for hesitation. I see… opportunity.
I firmly believe the Greatest Strategists pick their battles, but battles aren’t won without risks.
This opportunity, if you also see it as such, not only keeps your dream of home ownership intact, it fulfills it.
We’re merely choosing our competition based on History and Market Trends.
Honestly… think… what do you think will happen once the election ends? Regardless of who wins – when the tax returns come in, people are ready to buy. Yet there’s not much incentive to keep the rates low if there’s an abundance of Buyers, with low inventory, now, is there?
Quotes can easily be applied here –
How about “Supply and Demand”?
How about “No risk, No reward”?
Use what motivates you and get started.
It all begins with you.
As rates go up, the amount you qualify for will decrease, or your monthly payment will increase. Either way, in these instances – it hurts you to wait. And I want to show you that you can prevent fighting a losing battle.
If you feel you don’t have a choice (as many of us do) just know – you still have a choice. You always have a choice. Waiting or Acting is a choice.
If it was me in that position – I would get the assistance, get the home, and refinance to a reasonable rate as soon as possible. Also, this is one of the best times of year to ask for closing costs – and get them. Meaning less money out of pocket for you, and more money fine tuning that new house, to home.
Most of the richest people in America have two basic things in common (besides being rich). They took risks, and they bought Real Estate.
Now that you have the essential keys to the driver’s seat… wouldn’t you rather be in a great house before a multiple offer/bidding war?
-Allow that competition to build you Equity.
If your worry is so deep that you fear a market crash – compare our current market to the market at it’s height (prior to the crash). We are so far from that ceiling still. This is why over the last 4 years, all we’ve seen is Growth, Expansion, and Gains in Equity.
It’s time to make decisions that put you in a seat of power. Contact your trusted Real Estate Professionals.
You can reach us anytime to discuss this, or any other real estate matters you have questions on.
Dont wait to make next year Great.
Thank you for reading, I hope this was insightful.
James McGuire (702)280-3410 Real Estate Professional Joey Gaede (702)325-2569 Real Estate Professional
Sherlock4homes@gmail.com / Sherlock4homes.com Your Sherlock 4 Homes
The McGuire Group / Signature Real Estate