Although the spring months are notoriously the best time to buy real estate, fall may be the BEST time to buy a home!
Okay, Okay - just hear me out. One obvious reason is that it’s easier to get from place to place without questioning if you’ll need an AC repair ASAP upon moving into your home!. Also, families on a mission to move into a new home before school starts are out of the picture. Regardless of these two more obvious reasons, here are seven expert insights on why you should consider a fall real estate purchase.
1. There's less competition
Competition for houses drops off in the fall, a time many people consider to be off-season in real estate. But there are still homes for sale — and in some cases, there’s just as much inventory as there was during the spring and summer. In the fall there's new inventory and and repositioned old inventory that did not sell in the prime Spring and Summer season.
This puts you in a great position to negotiate. Fall home buyers should consider making lower offers, followed by more aggressive negotiation from your real estate agent. Many sellers are very motivated to sell before the holidays if possible. You may want to let your real estate agent know to tell sellers you can close before Thanksgiving or before the school winter break.
2. Sellers are worn-out
Some sellers who put their homes on the market during the prime selling times of spring and summer might have been a tad overconfident by listing their homes for more than buyers were willing to spend. After a few months of no action, these same sellers are often ready to make a deal. Because there are fewer buyers and because the sellers are now eager to sell, they are more inclined to take the low offer than wait another six months for spring to come around.
3. Sellers are serious
Not all homes on the market in fall are summer leftovers. Some people need to sell in the fall because the timing is right. Maybe they were having a home built, and it’s now ready. Maybe they have to move because of a job change. Sellers with houses on the market in the fall tend to be very serious about selling. That means sellers could be more open to negotiating and accepting a lower offer.
4. You can take advantage of tax breaks
First-time home buyers, take note: Although you can’t escape paying income tax, you can make a significant dent when you become a homeowner. Property tax and mortgage interest are both deductions you can take for your whole year’s worth of income, even if you closed on your home in December! Any payments that are made prior to the closing of the loan are tax-deductible. This can make a serious difference in the amount you owe the government at the end of the year. Of course, always double check with your accountant or financial planner!
5. Fall is a safer time of year
Did you know that burglars have peak seasons? Waiting until the fall to buy your home gives you an advantage when learning about a home and the neighborhood. You’ll be settled in your home and can take precautions — like setting up that new alarm system — before the next burglary season rolls around. Note: Check Crime Reports before you buy.
6. You're the center of attention
Because spring and summer are ideal times to buy a home, real estate agents are busier than usual. And that could mean you might not always get the attention you want. This is also true for other professionals you’re working with to buy a house. Service providers, such as mortgage lenders and title companies, are moving out of the summertime sales frenzy and can often respond more quickly.
The same goes for movers. Because summer is the peak moving season, people often experience more delays and service issues, such as moving companies reaching capacity and running out of trucks to pick up shipments. The probability of experiencing a delay goes way down in the fall season.
7. You can take advantage of end-of-year sales to outfit your home
There are bound to be improvements you'll want to make after buying a house. You’ll also probably need to buy items to maintain your home, and if appliances weren’t part of the deal, you’ll need those too. Wouldn’t it be great to coordinate your home purchase with sales on items you’ll need? According to consumer magazines the calendar determines when it’s a good time to buy all sorts of consumer goods. In particular, September is a great time for buying carpet and paint. October means lawn mowers go on sale, and appliances and cookware are cheaper in November.
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