For today’s topic, we’re going to discuss the benefits of buying or selling in the winter. Contrary to what you might think, the passing of the summer season doesn’t necessarily equate to stagnation in the market now.
There are great tax advantages to buying or selling late in the year. Buyers who close escrow before year’s end will enjoy tax write-offs that they otherwise wouldn’t receive in the new year. This can result in highly significant savings for you when tax season rolls around.
It’s not just buyers that reap the benefits of end-of-year moves—closing costs and home improvements are also tax deductible.
You’ll have greater availability to services. Buying in the winter can also open up greater access to resources, such as moving services, that the influx of buyers and sellers in the spring and summertime makes hard to find.
The “off-season” is anything but. Due to a higher scarcity of buyers and sellers in the winter months, closing at a realistic asking price can be most easily accomplished during this window. Coming up with a good pricing strategy is sure to make your home shine brightly over the competition.
Buyers will likely see an upsurge in the chances that they’ll get that home that’s within their budget, since bidding wars and homes selling above asking price are less of a factor this time of year. Competition may drop in the fall since people often consider it to be the “off-season,” but this is far from the case for a serious buyer—there seldom is a drop-off in inventory in the winter seasons.
Less competition and stable inventory are highly attractive to buyers. This is mutually beneficial to both buyers and sellers because it means that a seller’s agent won’t have to wade through non-serious offer after non-serious offer.
Lastly, if you need to make some last-minute home improvements before it’s time to sell, contractors and subcontractors tend to be more available and more affordable with the slowing down of business that the winter brings.
As always, please give us a call or email us with any other real estate-related needs or questions. We’d be happy to assist you however we can.