Buying a Home In Slow Month's Can Benefit You

One of the best times to buy a home is in the fall and winter months. The competition is lower, sellers are motivated, and year-end tax benefits. Here are several reasons you’ll want to consider buying a home in the down months of the real estate world.

Excellent Prices

The end of the year typically doesn’t send consumers out to buy houses, but more so gifts for themselves and their families. You don’t have to be like the rest of the consumers though, you can be different. With most of your community out buying TVs and toys, you will be one of the few in the housing market. The homes will still be there, but at that point there is less demand; which means fewer offers and no bidding wars.

Elastic schedules

The awesome thing about winter months in real estate is you don’t have to wait until the weekend to see all your potential homes. Since times are slow agents and home owners have time on their hands to show homes.

Motivated sellers

When homes are on the market late in the year, there is usually a reason why. Such reasons include financial hardships, change of circumstance, job relocations, etc. Either way, this gives you the leverage in negotiating. The best thing you can do for yourself here is lowball the offer and ask for a closing date that caters to your needs.  

Tax benefits

Buying a home late in the year is good for your bottom line come tax season. Closing before December 31st allows you to deduct property taxes, mortgage interest, origination points on your loan, and interest costs, and in the meantime you watch your equity grow. These money savers are quite helpful in the beginning stages of homeownership as you pay off the interest.

Lending lull

With families and most of the community focused on the holidays, not many people are giving the real estate market much attention. People who are especially bored this time of year are mortgage brokers, and this gives you the power to build the best possible mortgage you can. Because mortgage officers are slow during this time, they often offer incentives to get a mortgage, and may even waive some fees. Another cool perk of this is the turnaround time for all the tedious paperwork is relatively quick. It’s possible to negotiate a great price with the seller if you can make this transaction happen quick!

Vendor availability

Another perk is that moving companies are ghastly slow this time of year. Booking a moving company to come over can be done without much notice, and even with primetime prices and dates. Sometimes other contractor’s schedules can resemble this pattern. It’ never hurts to ask!

Builder Incentives

If by chance you are building a home, definitely ask about holiday incentives because builders happily give them away at year’s end. They’ll usually accept requests of custom cabinets, designer colors, and special carpeting. This is the time to buy a newly built home. Because fewer homes are sold this time of year, the last couple months are important for builder’s sales, so they’ll be willing to work with you!

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