With fall settling in all around the Roanoke Valley and winter just on the horizon, many potential buyers are asking themselves whether they should buy now or wait until the new year. After all, the next couple of months are a busy time for everyone. Adding a home purchase on top of it all might be more than you want to take on.

Even so, there are good reasons to stay in the market and buy a house before the end of the year. So before you hang up your house-hunting hat, consider these advantages to buying now.

Mortgage rates are still low

After a surge in mortgage rates in late 2016/early 2017, rates on 30-year fixed mortgages largely trended downward until September. Now, they've started to inch upward again, as this graphic from lender FreddieMac shows. However, when you consider rates in a historical context, qualified buyers are still getting rates that are near all-time lows.

That said, economists from the Mortgage Bankers Association predict continued increases in rates over the next one to three years, giving homebuyers less buying power than they have now.

Bottom line: Waiting until 2018 isn't likely to get you a better rate and, in fact, will more likely cost you money.

Sellers are slightly more motivated

Most sellers, especially those who have been on the market at least 30 days, would prefer not to have their homes sit on the market during the winter months. In fact, many consider taking their homes off the market during the holidays. Buyer interest and traffic is lower, and so is the chance of an offer.

To avoid the hassle and the extra time on market, sellers are more likely to be receptive to a slightly lower, but reasonable, offer now to avoid the winter.

Less competition among buyers

Many potential buyers WILL decide to wait until next year to continue their home searches. With fewer buyers in the market, you're less likely to run into multiple offers on a property. Once the spring selling season begins, bidding wars will be more common, driving up selling prices.

Less competition among buyers during the winter months can also mean a shorter time to close, because mortgage lenders aren't processing as many applications.  

Tax benefits

If you close before the end of the year, you'll likely have some eligible deductions for tax year 2017, whether it's moving expenses, closing costs, property taxes or mortgage interest. Consult a tax professional to determine what you can claim.

Time to make your new house your home

We've got a few months of cold weather ahead of us, and we'll all be spending a lot of time inside. If you buy now, you can take advantage of that time to focus on your home's interior during a time that you'd just as soon be inside anyway. When spring rolls around, you can move on to the exterior projects you have in mind.

If you'd like to talk more about your particular buying situation and how we can make the Roanoke Valley market work for you, contact me anytime at (540) 793-0442 orrpayne@mkbrealtors.com. Like my page on Facebook for more housing information.