New year, new house: 6 reasons to buy a house in December
jamesflick last edited by
With the end of the year we spend the Christmas bonus and savings on gifts, winter vacations and whatever tempting we come across with the wide range of offers that stores offer.
However, someone who thinks ahead knows that instead of wasting money on things that they will regret in the following year or that they will end up paying for longer than life time, they can use it in the best investment : realestate.
In addition, financial experts assure that the arrival of Donald Trump to the presidency marked the beginning of a cycle of increases in interest rates, so this is the ideal time for Mexicans to process a mortgage loan.
You may wonder why in December? Here are 6 reasons why buying a new home at the end of the year is the smartest way to invest:
- The bonus is ideal to pay the down payment
At the end of the year the workers receive a bonus for the work done during the year and for being the Christmas season. This amount varies depending on the job sector, but it is generally a very good contribution to the payment of a down payment (which is usually 10% of the total value of the house)
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- The festive atmosphere changes the attitude of the seller
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December is generally a time of celebration and joy, and people have a gift-giving attitude. The seller of the property may be in a generous mood and it could be that you get a discount on the house price , if not, at least the buying process will be much more friendly :)
- Banks compete with each other to grant loans
Yes, this is how you read it. At the end of the year, the banks want to obtain more market share and meet the annual quota of loans granted . Therefore, it will be much easier for them to grant you a mortgage loan of up to 90% of the total value of the house.
- When a new year begins, financing rates go up
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Inflation and other factors cause mortgage loan interest rates to rise by some percentage year after year . In December is the last opportunity to acquire credits with the current price, if you wait until January you will pay more.
- Fewer people buy a house during the holidays
As we mentioned at the beginning, this time is usually characterized by buying gifts and paying bonuses, so fewer people have in mind to buy a property. Better for you, that you will have more offers and discount opportunities .
- Sellers want to sell more than in any other month
Returning to the previous point, don't you think that real estate sellers (who work on commission) want to sell more houses for their Christmas expenses? This means that they will be a little more desperate and it will be easier for them to accept a deal on your terms.
Remember that an investment of this size is important to do it wisely, anticipating any unforeseen event and taking advantage of the time to get the most out of your purchase. If you want to know for sure how ready you are to make the purchase, how about a real estate prequalification for free?