Imagine coming home to a colorful cottage in Rockland or a cozy log cabin with a wood-burning stove nestled in the heart of the Lakes Region. Perhaps you would rather spend your time in a spacious condo with modern amenities in downtown Portland. What about a beautiful beach house in Kennebunkport or York, ME? Maine is an ideal place to find a vacation home and the month of December may be the best time to buy your perfect respite. Let’s take a closer look at why you should buy a vacation home in Maine during the holiday season.
1. Buying during the holidays means less competition
December is a busy month for many people, so it might be an opportune time to look for a second home. Most buyers take the month off to celebrate the holidays, attend parties, host out-of-town guests, and, quite frankly, avoid trudging around in inclement weather to look at houses. Perhaps they’ve heard it's a lousy time to buy a home. Whatever the reason, shopping for real estate at a time when fewer buyers are in the market can pay off big. Buyers may not have to compete with multiple offers, meaning a less stressful homebuying experience.
2. Home prices are more reasonable
Homebuying during the holidays may mean lower prices. Why are home prices lower in December? According to an analysis by ATTOM Data Solutions, buyers willing to close on a home purchase the day after Christmas can take advantage of discounts. Home sellers are usually more motivated to offload their real estate, so they might be willing to drop the listing price of their house.
3. More room to negotiate
Purchasing a vacation home in Maine during the holidays may allow for better negotiations. A recent divorce, death in the family, financial reversal, job relocation, or other personal change of circumstances are reasons homes go up for sale during this time of year. Because of the hustle and bustle of the holidays, sellers may have less time for drawn-out negotiations. Whatever the reason, you may benefit by negotiating a great price on the house. Since it’s the holidays, be empathetic but don’t be afraid to lowball your offer.
4. End-of-year tax breaks
Homebuyers may be able to take advantage of tax breaks on their secondary residence. Buyers may be able to deduct the loan's mortgage interest, property taxes, and points paid if a sale closes on or before December 31. With the Property Tax Fairness Credit Program, eligible Maine taxpayers may receive a portion of the property tax paid during the tax year on the Maine individual income tax return. Remember that taxes are complicated and potentially confusing, so you must talk to a tax professional before making any decisions.
Are you looking to purchase a vacation home in Maine this holiday season? Let our team of experienced mortgage professionals help make your homebuying experience the best. Our experts will compare the pros and cons of each loan option and ensure that you end up with a mortgage that’s right for you.
For more information, contact KFS Mortgage Company today.