Wednesday, December 10, 2014

Could Wintertime be the Best Time to Shop for Coastal Property?

The winter months are typically the slowest time of year for real estate sales. Even if your name is not Jack Frost or Elsa, they may be the best time to shop for a home, especially a place at the beach! Because the crowds are gone, listings are a bit more accessible. Also, sellers who listed properties in the spring and summer who have yet to see a serious buyer may be more interested in price negotiations. You never know until you try! Another excellent motivator for anyone considering a home purchase right now, coastal or otherwise, is the fact that 30 year mortgage rates are still hovering around 4.0 percent.

In fact as most of us were recovering from Thanksgiving, planning our Black Friday, Holiday Flotilla and Cyber Monday strategies, the Associated Press was looking into 30-year mortgage rates. According to their story, for the last week of November, rates went down for the third week in a row, from 3.99 percent to 3.97 percent.

In addition to affordable mortgage rates, the winter slow down may enable area home buyers to get more for their money. Along with motivated sellers, this is a busy time of year for impending moves or career changes. Most folks tend to put house hunting on hold for the holidays. However, a favorable combination of factors can trigger new listings that won't last until the busy spring and summer seasons. Another plus is that a wintertime home buy may include tax benefits in the form of under publicized deductions (consult a tax professional).

If you are interested in buying or selling a home in or around Wrightsville Beach, Landfall, or Figure Eight Island, please call 910-265-6998.

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