Why Buy a Home at the End of the Year

Real estate sales tend to drop to their lowest during the winter. Despite this, the end of the year can be a great time to buy a home. In fact, you may end up spending less on your dream home for the following reasons.

Fewer Buyers to Compete With

The main reason why winter is ideal for buying a home is that few other people are looking. Families prefer to move over the summer to prevent disruptions to the school year, and many other people dislike visiting houses when the weather is unpleasant (even though this is a useful way to see how comfortable a home will be during cold temperatures).

The low competition means there’s a higher chance that a seller will accept your offer — you may even be able to negotiate a better deal. Sellers who need to close as soon as possible (such as for a new job, to downsize, or to access equity) may be particularly willing to negotiate.

Earlier Tax Deductions

As soon as you own your home, you’ll be able to receive tax deductions for the interest on your mortgage payments. To take advantage of this, it makes sense to buy a home as soon as possible — which means buying now instead of waiting until spring. If this is your first mortgage, you may also be able to lower how much the government withholds from your earnings in federal income tax. Finally, property taxes and closing costs can be tax deductible — your accountant can give you information about your specific situation.

The end of the year is also a great time to secure some of the best mortgage rates. Alberta homebuyers can receive the right mortgage for them by working with Flare Mortgage Group. We’ll use our industry connections to tailor a mortgage plan to your lifestyle. Call us now to start the process.