1. More people at home watching football means less competition
Too many people looking for too few places has made homebuying a challenge, especially on the Westside, where rising prices and limited inventory has created a multiple-offer, bidding-war situation across multiple price points. “Lots of family, school, and work activities…lead to fewer real estate transactions over the holidays,” said moneytips. “Since fewer people overall are looking to buy houses, you will have less competition for your preferred house.”
2. First choice of new homes
That’s especially true when looking to buy a new home in Marina del Rey, Santa Monica, or Venice. Communities like X67 Lofts that have a limited number of available homes can create a frenzy among homebuyers. If you can catch a few people snoozing— or Christmas shopping— you have a better shot at the specific home you want.
3. Tax savings
The tax savings associated with homeownership is one of the many important reasons those who are renting a luxury apartment on the Westside are thinking about buying a home during the holidays instead. If you’re starting to think about this year’s tax obligation and thinking of ways to lower it, buying a new home could be the answer. According to Realtor.com, “If you close by December 31, you can deduct mortgage interest, property taxes, points on your loan and interest costs” on your 2016 taxes. “These deductions are significant, especially in the early years of your loan when you’re paying off a lot of interest.”
4. Potentially lower interest rates
While rates have been a bit unpredictable of late, they typically dip around the holidays, creating a more financially advantageous atmosphere for buyers. “Within the general trend of interest rates, there is often a cyclical trend of lower interest rates during the holidays—not from the generosity of lenders but due to limited demand forcing greater competition among lenders,” said CBS News Money Watch. “There are plenty of factors that can obscure or swamp this cycle, but in general, you should see preferable interest rates around the holidays compared to the times immediately before or after.”
5. Additional lending advantages
Buying a condo in Marina del Rey at a time when lenders are less busy could pay off big for you in other ways. “With everyone off celebrating the holidays, December is traditionally a lean month for mortgage brokers,” said Time: Money. “With so few loans in the pipeline, underwriting turnaround times will be quick” when you’re buying a home during the holidays.
For more information about buying a luxury condo in Marina del Rey, visit X67 Lofts. This new community offers 67 contemporary loft-style new homes for sale on the Westside with 15 uniquely designed floorplans ranging from 759–1,906 square feet and high-end features and finishes including gourmet kitchens with center islands and eating bar (per plan), KitchenAid® stainless steel appliances, frameless European-style cabinetry, and Caesarstone® countertops. The community is located within walking distance to the beach, Abbot Kinney, and to trendy shopping and dining opportunities, and in the perfect spot for those who work in the hot Silicon Beach shops.
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