If you are looking for a new house in Tampa during the latter part of the year, you may find that there are many benefits of buying a home at year-end. With the holidays approaching, many people put off their home search and wait for Spring, but there are several reasons why buying a home now can be advantageous. Here are 5 benefits of buying a home at year-end:
Many Deals for Those Buying a Home at Year-End
1. Less Competition – the majority of homebuyers start their search in the Spring and want to close on a new home before school starts. That means that during the Winter months, there are fewer buyers in the market. Buying at year-end can result in fewer competing offers on choice properties. A lack in competing bids gives you a stronger negotiation point and can potentially work in your favor on the asking price.
2. Motivated Sellers – in the resale market, a seller that puts a home up for sale in the last few months of the year likely has a reason why they want to sell during the real estate ‘off-season.’ Whether they are changing jobs or thinking about tax advantages, they may be more willing to negotiate on the price. With fewer overall homebuyers out looking, the seller will get a smaller number of bids and may choose to accept an offer below their asking price.
3. Builder Incentives – people seeking to buy new construction, can often see significant incentives as the year draws to a close. Several builders, like other business owners, want to meet their yearly sales quota and will price homes lower in the fourth quarter. They may also add more upgrades that can increase the value of the house.
Tax Advantages for Buying a Home at Year-End
4. Tax Benefits – a homebuyer is often able to deduct mortgage interest and property taxes (or real estate taxes) on their federal income tax return. Some of the closing costs may also be counted towards your deductions. However, we caution you to work with your accountant or financial consultant to determine how this will benefit you in-regards-to tax savings.
5. Lower Interest Rates – while the interest rate doesn’t specifically fluctuate during the latter part of the year, it still makes sense to buy now before the rate creeps up again. The rates in 2017 have been extremely low compared with years past and a new home buyer should take advantage of them as even a half of a percentage point can translate into higher overall costs. Financial forecasters are expecting the interest rates to continue inching upwards through 2018.
Other Reasons for Buying a Home at Year-End
In addition to these 5 benefits of buying at the end of the year, there are some other considerations. Current renters can see several positive reasons to buy a home now as some landlords may increase rental rates at the start of a new year. The monthly payment on a home with a fixed-rate will not fluctuate the same way that rents can tend to do, and you will be paying for something that you will eventually own.
A home is an investment in your future and with each payment, a homeowner will, for the most part, be building equity. Plus, you can take advantage of home appreciation which is often a key way to make the investment pay off handsomely.
If you are looking for a new home in the Tampa area, Homes by WestBay extends year-end savings on select new construction homes that are located in some of Tampa’s finest new neighborhoods. Our award-winning homes feature thoughtfully designed open floorplans and are crafted with great attention to detail.
A newly built home can be personalized with choice upgrades on cabinetry, countertops, flooring, trim details and lots more. Come visit one of our model homes to see all the different options available, or browse our website to get more information about our homes and the year-end incentives we offer.
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Homes by WestBay offers a new kind of home building experience with a focus to deliver an exceptional homebuilding experience at an outstanding value. Recognized both nationally and regionally for our award-winning new home designs, we offer new single-family homes from our New Vintage and Artisan collections for sale throughout the finest new communities within the Tampa Bay area.
Founded in 2009, we have evolved into being the largest, privately owned new homebuilder in the Tampa Bay market. Our team of talented professionals—many of whom are award-winners in their fields of expertise – together with the top architects, engineers and other industry experts we work with, are dedicated to designing and creating exceptional new homes, new floor plans, new designs, for you and your lifestyle. Our team’s collective experience in exceeding the expectations of homebuyers throughout the Tampa Bay area spans over a century.
Homes range in size from 1,601 square feet to over 4,848 square feet and priced from the Mid $200s to over $700,000.00. Model home hours are 10:00AM – 5:30PM Daily Except Wednesday and Sunday Noon – 5:30PM.
For more information on Homes by WestBay, its residential designs and the communities where it builds call 813-438-3838 or visit www.HomesbyWestBay.com.