Benefits to buying at the end of the year
The end of the year is a good time for growing families to move to larger homes, baby boomers to find houses that fit their lifestyles, and renters to become homeowners.
Tax Savings. Closing on your new home by December 31 means you can deduct mortgage interest, property taxes, and points on your loan on your tax return. These deductions can be significant , especially in the early years of your loan when you are paying off so much interest.
Sellers may also be motivated. Many sellers will also be anxious to sell by the end of the year so that they too, can enjoy tax savings on the next home they purchase. That means you may have more leverage during negotiations. If you are buying a new home builders typically offer aggressive concessions to get inventory moved by year end.
There are many benefits that come with home ownership, regardless what time of the year you purchase. For those of you on the fence, I hope you find this information helpful.