Realtor.com released a list of incentives that come along with purchasing a home at the end of the year. Although it is not the busy season and the market may be sparse, buyers may get lucky and find the home of their dreams in the winter months. Also as the holiday season approaches, typically sellers become more motivated to negotiate and sell before the new year.
According to the Realtor.com article, October and November are great months for house shopping. These months also may give buyers enough time to put a home under contract and settle before Christmas and the New Year. This time frame also depends on the terms agreed upon in the contract.
Here are the awesome benefits to purchasing a home at the end of the year courtesy of Realtor.com.
1. Tax Savings
Buyers can save costs in mortgage interest, property taxes and loan points by settling before December 31st. These savings are significant and definitely add up in terms of paying off interest with a new loan.
2. Motivated Sellers
By the time the holiday season rolls around, many sellers may be more inclined to sell their home before the close of the year for tax saving purposes.
3. New Construction Incentives
If you are purchasing a new construction home, builders may throw in extras and upgrades to encourage closing before the new year.
4. Moving Company Availability
In the spring and summer months, moving companies are booked for weeks and sometimes months in advance. By purchasing a home outside of the busy season, it will be easier to find movers with more openings and flexible schedules.
5. Investing in Ownership
Homeowners pay every month towards a substantial investment. Whereas renters do not see a return on the rental payments they are doling out each month.
Buyers who lock a fixed-rate loan will enjoy the convenience of a consistent monthly payment. Unlike the majority of renters, who have yearly rent payment increases.
Owning a home gives people the freedom to renovate and add their own personal design and style to the house without seeking permission. Most renters are faced with a lack of flexibility when it comes to renovations. Everything must be approved by the landlord first.