When it comes to the ideal time to buy or sell a home in the Triangle, the decision hinges on a variety of factors, each of which is influenced by personal circumstances and goals more than anything else. However, one thing remains constant – the Triangle area always offers opportunities for both buyers and sellers and the end of the year can come with some pretty awesome benefits for buyers and sellers.
Fewer Multiple Offer Situations
Fall and winter tend to bring a seasonal lull in the real estate market. With many potential buyers opting to delay their search until the warmer months or “after the holidays”, those who venture into the market during this period often encounter less competition. Fewer buyers vying for the same properties can translate into a less stressful offer experience and fewer multiple offer situations. This allows for more favorable prices as many sellers are concerned about their property sitting too long during the holidays.
Potential Tax Benefits
For those considering a home purchase towards the end of the year, there may be tax advantages in closing before December 31st instead of rolling over to next year. Of course you should always consult with your own tax professional to understand how your individual financial situation could benefit from this timing.
Potential Financial/Closing Incentives
As the fiscal year closes, many builders begin offering enticing year-end incentives and discounts to clear inventory. This presents a golden opportunity for buyers interested in new construction homes to snag a great deal. We’re seeing builders offer anything from $15k+ in closing costs to 2%+ rate reductions, and even additional selections in order to offload inventory before year end.
If you’re interested in learning more about incentives for buyers in this market or you’re ready to get started with your search, CLICK HERE to connect for your next steps.
Many sellers opt to withdraw their home from the market during the holiday season, assuming the pool of potential buyers shrinks or because they don’t want to keep the house up during the “holiday season”. However, this decision can work to your advantage as a seller. With fewer homes available, your property has a higher chance of standing out and attracting serious buyers – it’s simple supply and demand.
Buyers looking to buy during the fall and winter months are often more motivated to close a deal before the holiday season or the onset of inclement weather. They’re typically not buying “just because they can” and have a major motivation behind their move. Their urgency can be a huge positive factor for sellers, potentially resulting in quicker and smoother transactions with less concessions from sellers.
Flexible Closing Dates
Fall and winter buyers may be more inclined to accommodate flexible closing dates with weather and holidays which can be advantageous for sellers, allowing them to align the sale with their own moving plans or other considerations. There are even options to allow a “Seller Possession After Closing” in which the Buyers close on the property, and “rent” the property back to the Sellers for a given amount of time while sellers are looking for their own property, prepping to move, etc.
In conclusion, determining whether to buy or sell a home in the fall or winter here in the Triangle depends on a range of factors whether you’re a buyer or seller. For buyers, fall and winter tend to offer lower competition, potential tax benefits, and enticing deals on newly constructed homes. Meanwhile, sellers can often capitalize on the scarcity of listings, motivated buyers, and the possibility of flexible closing dates. Regardless of the season, the Triangle’s real estate market is a dynamic and promising one, offering great opportunities for all.
If you’d like to know what your home could be listed for in the current market, CLICK HERE to request your personalized analysis from Owner and Listing Specialist, Kate Carlton.