Happy Monday! Hope you had a chance to enjoy the beautiful weather this weekend!
Market News:
Trulia.com just posted a blog on the 5 tops PAYOFFS to close on a home before 2013.
1. Take advantage of the Mortgage Debt Relief Forgiveness Act benefits: set to expire December 31, 2012 this act allows current underwater homeowners to avoid some extreme tax burdens. Obviously, I would suggest speaking to your tax professional for more information and qualification.
2. Reduced competition: Summer is typically a "hot" buyers market. With that said, if you are looking in the Fall and Winter months, you will be competing against fewer buyers.
3. Increased motivation from all parties at the table: Face it, who likes to go treking out in the snow to see a home? If buyers are out looking and sellers are preparing their home for a showing, they are serious. Another benefit is banks and asset managers are eager to get properties off their books before the end of the year= more consideration, responsiveness and speed on their end.
4. Transaction- related tax deductions: Mortgage interest paid in 2012 will be deductible in 2013, that means you need to close by November. There are other tax deductions- check out www.irs.gov
5. Interest Rate certainty: There's an election coming up, which brings some uncertainty. Closing by the end of the year is the only failsafe way to lock in historic low interest rates for the next 30 years.
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