A New Home for the Holidays

As the weather turns a bit more blustery in preparation for the transition from fall to winter, you may be surprised to learn that right now is an especially great time to buy a new home.

With Thanksgiving just around the corner, your thoughts may already be drifting toward the upcoming holiday season, thanks in part to all the festive and sparkling home décor items already on display in most stores. While the task of buying a home during such a busy time of the year may actually be the last thing you want to add to an ever-growing list of things to do, there are a number of reasons why you may want to make it a priority this year.

Starting with historically low interest rates and affordable prices that can save you a considerable amount of money for years to come, you can also take advantage of the great selection of existing homes and available new construction to get exactly what you're looking in a variety of attractive northwest Indiana locations.

While sellers with homes on the market right now are generally very motivated, there's also the fact that you will quite possibly have less competition from other buyers who are otherwise occupied with their jam-packed schedules at this time.

Fewer buyers and plenty of listings mean bidding wars with other buyers which can potentially drive up the cost of a home are less likely to occur. Plus, lenders, agents and other professionals will have more time to devote to you.That being said, even though overall interest may not match the flurry of activity in the real estate market each spring, the number of transactions completed during this time of year is steadily on the rise.

"Spring is no longer the peak selling time, we have seen an increase in guests and sold three homes in recent weeks," Brigette Bandura of McFarland Homes said. "Actually the past couple of years we have planned promotions for the fall because of the push we have experienced at this time of the year. Homeowners want to be in their home for the holidays and settled for the New Year. With buyers and sellers desiring the same thing, deals are made relatively quickly. It is important for us to have available homes for this time of year. We offer some of our best deals now."

Taxes are another benefit to consider when buying a home before the end of the year since most settlement costs paid to a mortgage company, lender or broker are tax-deductible in the year you pay them. So, if you close on or before December 31st, you may be able to deduct the interest on your first monthly mortgage payment as well as any points paid to reduce your interest rate from your taxable income this year.

"We're experiencing a bit of a rush with buyers who would like to move into their new homes for the holidays," Rachael Phillippe of Phillippe Builders said. "Our newest model home in Autumn Gate (a neighborhood in The Gates of St. John) was recently sold to a buyer who was ready to move in as soon as possible. It seems to be the trend with all our immediately available homes lately, this home sold for almost exactly what it would cost to build from scratch. There really isn't a need for deep discounts, and that speaks to the value of the communities where we are building."

Recently, Sunshine Landgrave, her husband Chris and daughter Allie began their search for a new home with Mary Behrens of RE/MAX Results in Schererville.

"We didn't realize when we started looking that we could work everything out in time for the holidays," she said. "Once we realized that we would be in the house we chose for Christmas, it made us anxious to start our own family tradition in our new home."

Since your home buying prospects are better than ever right now, you may want to seriously consider searching for some new halls to deck this year. There's no doubt that buyers who take advantage of the great opportunities in real estate today, including less competition for the most desirable homes, will make some special holiday memories bound to last a lifetime.

You're invited: The Greater Northwest Indiana Association of REALTORS® (GNIAR) in partnership with the Indiana Housing & Community Development Authority (IHCDA) will present "It Makes Cents: State Programs to Make the Dream of Homeownership a Reality." Speaker Kim Harris, IHCDA Single Family Manager will cover topics including below market interest rate program, down payment assistance for first-time and move-up homebuyers plus first-time buyer tax credits. Two FREE sessions will be held on Friday, Nov 18 from 9-11am or 1-3pm at the GNIAR office, 800 E. 86th Ave in Merrillville. Space is limited, call (219) 795-3611 to register.

At the Habitat for Humanity of Northwest Indiana ReStore next week: Save 20% off any single item when you donate 5 items to the Food Bank of Northwest Indiana Saturday, Nov 19 through Saturday, Nov 26.

To submit real estate news, community connections and special event/model information e-mail krueger.dm@sbcglobal.net.