The end of the year is an excellent time to become a first-time homeowner or close on a new home. If you’ve been thinking about buying a home, taking the plunge before year-end could save you money.

Here are the reasons to consider a home purchase before the end of 2019.

Lower Interest Rates

The Federal Reserve cut interest rates again on Oct. 30, marking the third interest rate cut since late July. Lower interest rates affect a buyer’s purchasing power.

“Lower interest rates can make a significant impact when purchasing a home,” said Berkshire Hathaway HomeServices Florida Network Realty President and CEO Christy Budnick. “A one percent increase in interest rates on a $600,000 purchase could result in the buyer paying up to $100,000 more in interest over the course of a 30-year loan.”

Serious buyers, motivated sellers, tax deductions, Homestead Exemption and other incentives are available to those who buy a home before the end of year. Find out more by visiting the Berkshire Hathaway HomeServices Florida Network Realty blog.