5 Benefits of Buying a New Home at the End of the Year
If you are thinking of buying a home, it can help to have a few tips, tricks and pointers. When it comes time to invest in real estate, you want to be well versed in the nuances of the market. The truth is that the prices of homes fluctuate based on a number of circumstances. Plus, lending rules change, mortgage rates dip and climb, and tax deductions can be applied during different times of the year. This is exactly why it may be smart to purchase a home at the end of the year. This is the time when the real estate is ripe and homes are ready for plucking. Here are five benefits of buying a new home at the end of the year.
- Sellers are much more motivated to sell. At the end of the year, sellers are motivated to sell – mostly because the offers are low and they will be afraid that there won’t be any takers. Plus, they can often cash in on tax deductions by selling before the end of the year.
- Save money on taxes by making various deductions. Not only can the seller cash in on deductions – so can the buyer. If you purchase a home before the end of the year, you can apply all those property taxes and other expenses on your tax return. If you purchase your home during the beginning of the year, you may not get to take advantage of all these tax benefits.
- It will be easier to move and moving companies will be less booked. During the wintertime, there will be less people on the road, which means that you will have more room to move from your previous location to your new residence. Plus, movers will be less booked with clients, so you’ll have a better chance of finding a company to help you move. In the summertime, many moving companies can get booked up, which can be quite frustrating. In the wintertime, not only will movers be more available – they may also be more affordable.
- Home values tend to be lower. Statistically speaking, home values tend to be lower at the end of the year. With a lot of inventory and not a lot of demand, you get a recipe for lower home prices. In the wintertime, many homebuyers are busy enjoying the holidays and they aren’t thinking about purchasing a home until the spring and summer. Combine low demand with high inventory and you get a recipe for lower home prices.
- Realtors are a lot more likely to approve an offer at the end of the year. Not only are home sellers more willing to sell – so are realty companies, like Bill True Hilton Head Real Estate. Many realtors are willing to approve an offer because it means more capital for the real estate company. When it comes down to it, more capital means more bonuses. In the end, if you want to save money on a home and have a much more comfortable move, you may want to purchase a home at the end of the year instead of the beginning or middle.