Is Buying a Home One of Your New Year's Resolutions?

By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore

Due to the fact that many homebuyers look to purchase in the summer months, there can be many advantages to purchasing at the end of the year. During this time you can take advantage of motivated sellers trying to meet a quota before the end of the year, also you will have readily available moving help because movers are not typically busy during this time.

If you close on your new home by December 31st, you can deduct your equity costs and property taxes on your income tax return. Because you are bound to pay a lot of interest at the beginning of the year, this can save you a lot of money. As the year comes to a close, most builders and realtors off excellent incentives to buyers so that they can sell as many houses as possible. Buyers should definitely take advantage of these types of offers.

Another benefit to home shopping at the end of the year is that many current homeowners sell their homes around this time in an effort to get a tax deduction that will help them purchase a newer home. This is where the prospective homebuyer has to put their negotiation skills into play. Because these current homeowners are so eager to sell their homes, you may be able to get them to go down on the asking price. If you feel that it is risky to handle the deal on your own, you should consult with a HUD certified homeownership advisor or a real estate professional.

If you are seriously considering purchasing a home before the year ends, it is important that you don’t wait until the last minute to start looking into your options. If you wait too late, your choices will be very limited. You should begin looking around September to give yourself enough time to find the right home. Also during the month of September, you should consider attending Live Baltimore’s Homebuying Fair. If you are looking to move into the Baltimore City area, this program offers tours and great incentives.

Regardless of when you plan on buying a home, you should always make room to take a homebuyer education course and get counseling from a HUD certified homeownership advisor. This will make your process a lot less stressful, and will be beneficial in the long run as well.