Buying before the end of the year?
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The end of 2018 is quickly approaching, and the holiday season is here. Buying, selling, or renting a new home could be a high priority for you.
There are individuals that are able to start the house hunting process by choice during this time of the year. Some people are forced to start searching for a new home, i.e. current lease is expiring. Is December a productive time to sell, buy or lease? I recently closed a purchase contract with a client in late November. He was content to hear that he saved monies on his closing expenses due to prorated property taxes.
What does this mean? If you are buying or selling, please note;
property taxes are paid in arrears. Simply put, he paid for prorated taxes from
his Novembers closing date, through the end of the year. This timing of closing
saved him hundreds of dollars since he did not pay taxes from January to
December. Therefore, I always recommend purchasing, if possible, closer to the
end of the year for property tax savings advantages.
If you have not known by now, the South Florida real estate market inventory is scarce, so many
Sellers can take advantage of a continues bullish market. In October 2018,
Broward County SFH closed sales increased by 10% since 2017. Town homes/condos,
the percentage increased by 20%. The average price increased from $335,000 to $355,000
for SFH from October 2017-2018 (6.0%), and $155,000 to $157,000 for
town homes/condos (1.3%.)
Leasing real estate can be challenging during the entire year
due to the competition of other tenants however, if your lease is running
close to expiration, December tends to be the slow time for tenants looking for
new leases. Now is the time to search for new homes!
Disclaimer; the information provided is the views of an experience real estate sales associate professional. Be sure to consult with an attorney before executing any legal actions or documents.
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