Berkshire Hathaway HomeServices Florida Network Realty Can Help Put a Key Under the Tree
The end of the year is an excellent time to become a first-time homeowner or close on a new home. If you’ve been thinking about buying a home, taking the plunge before year-end could save you money.
Here are the reasons to consider a home purchase before the end of 2019.
Lower Interest Rates
The Federal Reserve cut interest rates again on Oct. 30, marking the third interest rate cut since late July. Lower interest rates affect a buyer’s purchasing power.
“Lower interest rates can make a significant impact when purchasing a home,” said Berkshire Hathaway HomeServices Florida Network Realty President and CEO Christy Budnick. “A one percent increase in interest rates on a $600,000 purchase could result in the buyer paying up to $100,000 more in interest over the course of a 30-year loan.”
Serious Buyers/Motivated Sellers
Real estate sales tend to slow down during the fourth quarter for a variety of reasons. Many people don’t have the time or want to make a major purchase until after the holiday season. While this results in a smaller pool of buyers, those who are in the market during this time are serious and motivated. Less competition among buyers offers more opportunity to negotiate with motivated sellers, including those who want to sell before year-end so they can use the tax savings on the next home they purchase.
Tax Benefits
If you buy a home and close on or before Dec. 31, 2019, you can lower your tax liability with mortgage-related deductions. These include property taxes, mortgage interest and interest costs. Tax deductions can reduce your taxable income and potentially save you considerable money.
Homestead exemption
Homestead Exemption provides homeowners with several benefits including a tax exemption of up to $50,000 off of the assessed value of a property used as the owner’s primary residence. Anyone who has purchased a home (or a townhome or a condominium) to live in as their primary residence can apply. The homestead exemption also triggers the ‘Save Our Homes’ benefit which limits future annual increases in assessed value to 3 percent or less.
Extra Incentives
There are money-saving benefits available from Prosperity Home Mortgage, Berkshire Hathaway HomeServices Florida Network Realty’s affiliated lender. Prosperity has a special year-end offer available to educators and first responders, waiving the mortgage loan origination fee (up to $750 value) to qualified borrowers who apply for a mortgage loan on or before Dec. 31, 2019.
Prosperity Home Mortgage also offers special programs for active duty service members, veterans and military families. The lender has programs to suit everyone’s needs including its Open Door home loan, a financing option that offers no-money down and no mortgage insurance to qualified borrowers. Prosperity Home Mortgage consultants are conveniently located in Berkshire Hathaway HomeServices Florida Network Realty offices.
Is this the right time for you to put a key under the tree and enjoy the benefits of buying a home before the end of the year? Contact a Berkshire Hathaway HomeServices Florida Network Realty Realtor for expert advice on these year-end advantages. Call (904) 296-6400 or visit FloridaNetworkRealty.com.
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