Within the housing community and among buyers there is a lot of debate over what the best time of year to buy a home is. And, while not everyone has a flexible timeline when it comes to buying a home, if you can buy a home at the end of the year there are some advantages. Though you may be worried about how it will interfere with things like the holidays or school schedules, if you are looking for the best deal the winter may be your time to buy,
One of the biggest advantages of buying towards the end of the year is that there is generally far less competition. Less competition impacts the home buying experience in a few different ways. First, it will be less stressful when looking for a home with less worry that the perfect home will get snatched up before you have a moment to breathe or weigh your options. Second, there will be fewer offers on homes so you may have more wiggle room on price negotiations and there is less chance of home prices getting driven up by bidding wars.
In addition to going up against less competition, there are tax advantages to buying at the end of the year. Tax season is early in the new year so if you buy at the end of one year you will be able to write off interest paid on your mortgage, property taxes, and potentially take advantage of other tax incentives for buying your home and reap the financial benefits soon after closing.
Another advantage of buying a home at the end of the year is the it is the “slow season” in the real estate market which means it is also the slow season for movers. Hiring movers can be expensive but you may have more wiggle room to negotiate the cost of hiring movers as well as more mover availability to fit your schedule.
One final advantage to purchasing your home towards the end of the year is that sellers may be just as motivated to take advantage of all of the aforementioned benefits when buying their own new home which means they will be more motivated to sell to you. If you are considering buying a home at the end of the year, one of the best things to do is speak to a mortgage lender and get prequalified for a mortgage loan so that you will be able to make a purchase when you find the home of your dreams.