Is now a good time to buy? This is a question I get over and over again.
Buying before the end of the year has it's benefits, especially in this market. Let's dive in.
Pros to Buying in Q4
1. Less Competition
With fewer buyers in the market, you have more negotiating power. Why? Because sellers WANT to sell their homes. There's not a rush of buyers dying to buy homes like we saw a few years ago for a lot of different reasons. We have higher interest rates, property taxes have gone up, the cost of flood insurance, inflation, the election, should I go on?
2. Motivated Sellers
Sellers are eager to close. Many of our homes have been sitting on the market and sellers are ready to move on. Unfortunately, our area was recently hit by Helene and Milton. That shook a lot of people up. For those that no longer want to endure the hassle of prepping for hurricanes, they're ready to sell and make the move. Our market is saturated, meaning theres a lot of homes up for sale. Because there's a lack of buyers, this means sellers are forced to find creative ways to get buyers to choose their home. This usually means incentives, price reductions, interest rate buy downs, paid closings costs, extra repairs. etc.
3. High Inventory
I talked about this a little bit under "motivated sellers" but we have a lot of inventory! You get to take your time searching for the home and because there's so many to choose from, you might just find the one you've been looking for all this time...without having to make changes.
4. Year-End Tax Benefits
Closing on a home before December 31st can offer several tax benefits for the year in which the transaction takes place. For buyers, these benefits are particularly attractive because they can reduce taxable income and potentially increase the size of tax refunds or reduce tax liabilities.
What do you think? Are you convinced to start looking now? If you're considering buying a home, let's connect and see if now is the right time for you!
