ANSWER IS YES! There are a number of reasons both monetary and just practical reasons for buying or selling a home by year end. The mostobvious one is for tax reasons and does give a buyer a slight edge in finding a home. As a buyer you can deduct the points, the taxes on your home, and mortgage loan interest (which is alot at the beginning of the mortgage) on your year end taxes. The seller may be more motivated to sell since they would also like to take advantage of the same tax advantages on their new home or condo by year end.
On the practical side..if you are a seller, it is a good time to invite a real estate agent to your home. Holiday time gives a good impressions (especially if you have hot cider cooking on the oven!)..And, you can relax, discuss what the market has been, what it may look like and get a comparative market analysis so you are not surprised when you go to list your home in the spring! For a buyer, it is a good time to start exploring different neighborhoods, get your name on a MLS Account, to see what is coming on the market, the prices, taxes and areas that you may want to explore. It gives you time to research schools, and just the feeling of the neighborhoods! Sometimes when the trees don’t have all of the leaves…you can see how close you really are to seeing in that next door neighbor’s window!
If you area retiree, you maybe are thinking of relocating to a warmer climate! Wouldn’t it be nice to be able to spend January – April without having to shovel snow!
Either way, year end can be a good time to evaluate where you’d like to be, and have a “jump start” on looking in the spring..makes for a more relaxing search. And, if you are fortunate enough to find something between now and year end…a good tax advantage! Happy Thanksgiving to all.