Top Reasons to Buy Your Chicago Home This Fall
The Chicago real estate market has seen some very positive changes in the past year. If you've been considering buying a Chicago home, you may find that the fall season is a great time to shop. Not only will you have less competition from other buyers by shopping now, but you might also be able to close the home before the end of the year, which carries tax benefits. But remember to act fast as the winter season is fast approaching!
Benefits of Shopping in the Fall
Why should you consider entering the Chicago real estate market in the fall? First, you will notice that there is less competition. Chicago area buyers tend to be active during the spring and summer seasons, but during the holiday season, you will find fewer interested parties when you find a home that meets your needs. This can give you greater negotiating room.
Second, you will be able to begin your search before difficult weather conditions hit. Fall in Chicago is quite beautiful, not too hot but not quite winter weather yet either. Winter weather, on the other hand, can get quite treacherous in the Windy City. You won't be battling snow, icy streets and Chicago's infamous wind and falling ice by shopping in the fall.
Another reason to consider buying a Chicago home now is that if you can close before the end of the year, you may find some tax incentives for doing so. If you pay points, which are upfront payments used to lower your interest rate, you can deduct the cost of those points from your taxes on your 1098 form (but the amount you pay in cash for your down payment needs to equal the amount you pay in points). Even if you convince the seller to pay the points, they may still be a potential deduction for you.
The same is true for real estate taxes. If you reimbursed the seller for any previously paid real estate taxes at the time of your purchase, you can deduct that amount. Check your settlement sheet to see if you reimbursed the seller for any taxes, and make note of the amount on your tax return.
Finally, you can deduct any mortgage interest on the home at the close of the year. Your lender will send you a 1098, which you will use to deduct that amount. Yes, this won't be much if you close this close to the end of the year, but you might as well start taking those deductions this year if you can.
Don't Delay, Start Shopping Now
If these benefits are interesting to you, and you are ready to start the process of buying a Chicago home, don't wait. It takes about two months to buy a home from start to finish, so your time is running out. Talk to a Chicago real estate agent today to learn what you need to do to find a home in the Windy City, and close on that home before the new year.