The time is now: Tips for taking advantage of end-of-year home buying opportunities

With the holidays just around the corner, it may seem like the wrong time to consider purchasing a home. However, this couldn’t be further from the truth. Thanks to specific end of year home buying opportunities, the last months of the year are often the best time to buy. In fact, research from ATTOM Data Solutions shows that the end of the year is when buyers can find the best deals on a new home, which makes it a wise time to buy.

You may want to add that new home purchase to your holiday to-do list. Here are a few tips and considerations if you want to start looking.

If you’re thinking November and December are too jam-packed with holiday preparation to think about buying a home, you aren’t alone. The market slows down considerably during the winter. Because the market cools so much each winter, the National Association of Realtors (NAR) reports that homes are 5 percent less expensive between October and December.

Less competition means better deals and more options for buyers. Removing yourself from peak buying season means you’ll have more negotiating power and more homes to choose from. Ending the year with a new home at a great price could be a great way to kickstart the New Year.

If you’re considering end of year home buying, you may want to start by looking at new construction options that are available throughout the Triangle. A great way to move fast is to look for standing inventory from builders who need to close out the year smartly. Unsold homes may put a strain on a builder’s resources. By eliminating standing inventory, builders can free up their cash flow and start the new year with a clean slate.

Often, builders look for ways to sell the last of their inventory quickly at the end of the year. Watch for opportunities to buy easily at the end of the year. Often, builders have more flexibility at year’s end as they look ahead to the next year. Talk to an experienced real estate agent for leads and insights.

Another benefit of standing new construction inventory is that many Triangle-area builders offer incentives to entice buyers to purchase at the end of the year. These perks offer added value to buyers and can help reduce up-front or even long-term costs, making a purchase even more attractive.

As you search for your next home, ask about incentives a builder is offering. One of the popular incentives in the current Triangle market includes an interest rate buy-down. Many builders will lock in a lower interest rate for buyers, which is especially lucrative for potential buyers. These buy-downs can provide considerable cost savings over the life of a mortgage Some builders are offering to pay closing costs, which can help buyers who are looking to save cash at the end of the year. Incentives are one of the major advantages of end of year home buying.

Rates haven’t moved significantly since the Federal Reserve’s half-point reduction in September. That shows more stability in the market, which signals mortgage rates will continue to steady and be more predictable. That also means buyers can lock into one of those more steady rates, which are down from the higher rates of 2022 and 2023.

Not only can buyers take advantage of interest rate buy-downs, but that means when the buy-down period is over, buyers can also refinance to keep a lower rate down the road as well. The best thing you can do is to talk to a local lender like Towne Mortgage of the Carolinas or North State Bank to get preapproved and to learn about the options that can help you get the most home for your budget.

If you can make a wintertime purchase happen, you’re in a great position to find your dream home while getting to take advantage of lucrative end of year home buying options. Be sure to work with an agent you can trust to help you navigate the specifics of new construction. Then you can kick off 2025 in a new space—both physically and mentally.