Reasons to Buy a Home in Omaha before 2017 Ends
It is a widely known fact that summer is the hot season for not only Nebraska weather but the Omaha real estate market. Since the opposite of hot is cold, many also associate the winter with being a bad time to move, however, this might not actually be the case for a number of reasons. If you’re thinking about moving and worry if you missed your mark, first consider the following.
Movers are less busy
Ask any moving company when their busiest months are and they will say summer every time. Not only does this mean it may be hard to even find a moving company available to assist with your move when you need it but it might also be more expensive. During the cold months when demand goes down, it’s also likely that can push prices down as well.
Low interest rates
While interest rates did rise in 2017 they didn’t hike as much as forecasted from the end of 2016. That said, now is still a great time to lock in some incredibly low rates. Therefore, it’s not a question of if they will raise but when.
Summer months definitely bring excitement to the markets, but buyers can often get frustrated with the heightened competition. As we saw this year with the inventory around Omaha reaching 20 year lows this just further magnified the issue pushing many buyers unwillingly out of the market. Every situation is different, and even if you signed a year’s lease at an apartment it may be worth the time to run the numbers and see if breaking the lease for a low interest rate might actually save you more than waiting until the summer of 2018. That said, with the market loosening up it provides better opportunities to get into a home with a lower likelihood of bidding wars and buyer’s remorse.
Mortgages offer income tax deduction opportunities and if you purchase a home before January 1st this could potentially keep more money in your pocket. Be sure to do your own research including finding a good Certified Public Accountant (CPA) who can break down the specifics and give you an idea of any savings potential you could have.
More Serious Players
The big secret about Omaha real estate in the winter is this: those that are selling in the winter often aren’t moving because they want to they’re moving because they have to. What this means for you as a buyer is that this discrepancy in motivation will likely put them in a more productive place for negotiations.
Another little perk you might not consider in terms of moving in the winter is all the holiday sales. So, if you find yourself in a new and very empty home, you’re likely to get good deals on furniture and appliances now than waiting until after the New Year.