Finding the Best Closing Date: Timing is Everything

February 11, 2013

real estate closing imageYou’ve been waiting months to find the perfect piece of real estate in Chicago, and now closing day is almost here. But, is there a ‘right’ time to close? The answer is yes, especially if you want to save money on interest.

  • Consider the end of the month. Closing on a new home at the month’s end means you won’t pay as much prepaid interest, since you have to pay from the date of closing through the end of the month at that time. The more days remaining in the month when you close, the more you have to pay.
  • Coordinate move-out dates. One of the biggest mistakes new homeowners make is failing to properly line-up their move-in and move-out dates. Avoid paying for temporary housing by sticking to a firm plan for when you are going to move out of your current home.
  • Avoid Fridays and the day before holidays. You might think it is a good idea to close the day before Thanksgiving, for example, and then use your vacation time to settle into your new home.  However, if anything were to go wrong on these days, your move may be pushed back an entire week. The same goes for Fridays—if there’s a problem with paperwork or any last minute changes, you won’t be able to move into your home until the following week.

Closing can be a bit stressful regardless of when it happens, but by choosing your closing date wisely you can make the process a bit easier on yourself.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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