With the holiday season upon us, many homeowners as well as prospective homeowners may find themselves at a crossroads on whether it is a good time to buy or sell. There are several pros and cons that apply to prospective buyers as well as those looking to sell their homes.
One of the advantages of buying or selling a home during the holidays is that there is a significant decrease in competition for both the buyer and the seller. In most cases, buyer activity tends to slow down towards the end of the year, with the spring and summer months being the most active for home sales. While real estate trends may dictate that the spring and summer months are the best times to buy due to the amount of homes that are sold, buying during the winter months will lessen your odds of getting into bidding wars with other prospective buyers. On the side of the seller, there tends to be less competition as inventory is much lower during the winter months. Less competition gives your property more visibility among buyers, increasing the chance of selling.
Another advantage that is shared by both buyers and sellers during the holidays is that there is more time for house hunting and negotiating. With holiday breaks and more lenient work schedules, prospective homeowners have more free time to search for homes during the holiday season. With December being a relatively slow month for home sales, real estate professionals will likely have more time for showings as well. As the end of the year approaches, sellers will be more willing to negotiate in order to sell the home more quickly. Buyers will also be eager to close on the sale before the end of the year.
On the financial side of buying, there are some tax advantages to buying a home at the end of the year including being able to take advantage of homeowner-friendly tax deductions in the new year when you file your taxes. Some of these tax deductions include mortgage interest as well as moving expenses in some states. Another perk to buying is the potential for lower interest rates as the year closes.
Don’t let the winter season scare you away from owning your dream home or selling your current one. Work with our team of top real estate agents in Jersey City and let the DV Real Estate Group help you with all of your Jersey City real estate needs.
