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Finalizing a real estate purchase before the end of the year

As the end of the year approaches, potential Virginia home buyers are less likely to try and make an offer. The holiday season can be busy, and for many, the thought of also trying to make a real estate purchase at this point in the year may not seem practical. In reality, it may actually make sense to try and buy a house before the calendar rolls over to 2020. 

Homeowners enjoy certain types of tax benefits, and a potential buyer may find that it makes the most sense for his or her 2019 taxes to go ahead and buy a home. It may be possible to deduct both interest from a mortgage and property taxes, and sometimes closing costs are deductible as well. For someone who is on the fence about buying a house or who has not yet made an offer on a house he or she likes, now may be a good time to move forward.

A Virginia buyer may also find that he or she also has more options during the holiday season. There are fewer people looking to buy homes, and with reduced buying competition, it may be easier to get a good deal on the right type of home. Buyers may also be more willing to negotiate on the asking price or make changes to the home at the request of the buyer.

Any type of real estate purchase is a major legal and financial transaction. There can be significant ramifications to making the wrong choice, especially when trying to finalize a home purchase before the end of the year. This is why many people find significant benefit in working with an experienced attorney at every step of this process.

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Madigan and Scott, Inc.
7880 Backlick Road
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Springfield, VA 22150

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