Summer is typically the hot season for real estate – the season when at least 50% of all homes are bought and sold. And besides that, near the end of the year, you have all those holiday expenses to worry about. So winter, near the end of the year, is not a good time for buying a new house. Wrong! Winter can absolutely be one of the best times to buy a new house. Here are five important benefits to buying a new house before the end of the year in Essex County.
1. A Great Time for Moving
At the end of the year, with the holidays looming, the kids are usually out of school, and business is usually slow for everyone (except for many retailers) – all of which makes it a great time for buying a new house in Essex County and moving. House hunting, negotiating, closing, packing up, and moving all make life hectic and stressful. At the end of the year, though, that stress can be less than at other times. You won’t have to pull the kids out of school, it’s often easier to get time off while business is slow, and people are generally more understanding during the holiday season.
2. More Motivated Sellers
Another benefit to buying a new house before the end of the year in Essex County is that you are far likelier to encounter motivated sellers at this time of year. The cold, wet weather keeps many buyers indoors and not out looking for houses. This smaller pool of buyers means that sellers will be more motivated and more inclined to give you a better deal. With fewer buyers out and about, you have more negotiating leverage when making an offer. In fact, some sellers are desperate to sell before the new year so you may be able to get the seller to reduce the asking price and pay some or all of the closing costs.
Your local agent can advise you on the best negotiating strategies. To find out more, just call (978) 877-2873.
3. Potential for Builder Incentives
Buying a new house before the end of the year in Essex County can also mean an opportunity to take advantage of builder incentives if you’re in the market for new construction rather than a resale property. To boost interest and bolster sales during this slow period, builders often offer extra buyer incentives. These incentives can include price discounts, paid closing costs, and credit toward upgrades.
4. Competitive Price Cuts on Moving Costs
One important cost that people often fail to factor in when buying a new house in Essex County is the cost of moving. But they shouldn’t because it can run into thousands of dollars if the move is very far. Just keep in mind that the year-end slow-down in real estate affects movers just as much as it does sellers. This means that you have more moving companies to choose from, and they are more likely to discount their services in order to get your business during this slow period.
5. Tax Benefits
And, of course, there are certain tax benefits to buying a new house before the end of the year in Essex County. And some people, such as those in higher tax brackets or the self-employed, can use every tax break they can get. When you buy a house at the end of the year and close on or before December 31, you may be eligible for several deductions related to the mortgage, including deductions for mortgage interest and property taxes. Taking advantage of these deductions can significantly reduce your taxable income for the year.
So buying a new house before the end of the year in Essex County is indeed a good move. There are some definite market and financial benefits. The only difficulty is finding what you want in a slower market and then negotiating and closing effectively. And this is where the expertise of a good agent can be a huge benefit.