This regularly-scheduled sponsored Q&A column is written by Adam Gallegos, Arlington-based real estate broker, voted one of Arlington Magazine’s Best Realtors of 2013 & 2014. Please submit your questions via email.
Q. We are planning to buy some time this coming year. It’s kind of our 2015 goal. We are in a month-to-month lease so we have some flexibility on timing. When is the best time to buy in your opinion?
A. I get this question a lot. As I have explained before, when supply is higher so (usually) is demand. Therefore, you are not going to gain a lot of advantage trying to time the market based on seasonality.
Right now seems like a pretty great time to buy in my opinion. Here are five reasons why:
Buying at the beginning of the year allows you to take advantage of more interest tax deductions than if you buy towards the end of the year. Double check with your accountant on this.
Interest rates are as good now as you could possibly hope for. I guess you could get lucky and they will drop another fraction of a point, but not enough where it is worth not buying now.
This is the slowest time of year for real estate agents, mortgage officers, settlement attorneys, home inspectors, movers, etc.. Therefore, it is a great time for you to get their undivided attention.
While other home buyers are distracted by the holidays, you could be in a great position to negotiate a better deal or find a hot property before someone else does.
The second half of 2014 was lackluster for the real estate market. Homes continued to sell, but not in a fashion that created significant price appreciation. This is good for you as a home buyer. However, from what we are experiencing in our office and from talking to other brokers, a wave of new buyers are putting plans in place to buy in 2015. In other words, based our small sample, I anticipate strong buyer activity going in to the new year.
Have a fun, safe NYE! Please keep the questions coming in 2015. You can send them to firstname.lastname@example.org.