The summer is the busiest season in real estate. In the summertime more homes are sold than at any other time during the year. Most people like to buy and sell in the summer because the weather is nice for viewings and moving and summer is when people typically have the most vacation time. Summertime is an especially good time to move for families with children because the kids will be on school break.
However, November/December are two very important months for the real estate sector and can be a fantastic time to buy or sell your home. This is because with the year ending, there are a lot of bonuses available that people often forget. By knowing how to work the system you can get an incredible deal that everyone involved in the sale will benefit from.
Here are some reasons why you should buy a house before the end of the year:
1). Tax Savings: Realtor.com puts it this way, “if you close by December 31, you can deduct mortgage interest, property taxes, points on your loan and interest costs. These deductions are significant, especially in the early years of your loan when you’re paying off a lot of interest.” What’s not to love?
2). Motivated Builders & Sellers: Sellers and builders will want to close a deal before the end of the end of the year. For sellers, this is so that they too can take advantage of tax breaks on their home. For builders, they will want to close on as many properties as possible to make their year-end books look better. This means you can negotiate better deals and potentially close with added bonus’.
3). Available Resources: The summer is incredibly busy for movers, cleaners and renovators. This means that for people looking to use these resources in the summer, they may have to wait longer and book in advance or may not be able to book anything. The winter months are so much slower for companies, so it is a great time to book with them and have your pick of times and dates. They too may offer incentives to help them do more business in the slower months.
Winter break is also a good time for vacation days and kids have a mid-year break, making transferring locations fairly uncomplicated. If you’re looking to buy or sell but are worried you won’t be successful, please get in touch with us because contrary to popular opinion, the winter months can actually be very good for real estate.
Your Real Estate Professional,