Forget spring, fall is a good time to buy and sell. Historically the real estate buying season begins in early spring. Recent data reveals fall can be even a better time for both sellers and buyers in markets around the country! There are a few obvious reasons as to why the fall is easier, like how all the families looking to buy before school starts are out of the picture. But besides that, let us offer 6 additional reasons to consider a fall real estate purchase.
1. Less buyers are competing
Families who want to be in a new home by the beginning of the school season are no longer shopping at this point. That translates into less competition and more opportunities for buyers. You’ll likely notice fewer buyers at open houses, which could signal a great opportunity to make an offer.
2. Sellers want to close the deal before the end of the year
Because of how busy the summer market can be, some sellers who put their homes on the market then might be worn out form open houses and negotiations. After months of no offers, or ones they didn't consider at the time, these sellers are often ready to make a deal.
3. Sellers are more serious
Remember, not all homes on the market in fall are summer leftovers. Some sellers might be selling in the fall because its the right timing for them. Maybe they are moving for a more specific reason - like a new job, or building a house. In any case, we find that sellers in the fall market tend to be serious, this means they are more willing and open to negotiate and sell in a timely manner.
4. Take advantage of tax breaks
If you are a first-time homebuyers, take note: while you won't escape paying income tax, you can help alleviate what you owe when you become a homeowner, since property tax and mortgage interest are worth deductions you can take for your whole years’ worth of income, no matter what month you moved in. This can make a serious dent in the amount you owe the government at the end of the year.
5. You’re the center of attention
With the fall being a slower time from buying/selling a home, waiting until the fall means that your agent is probably working with fewer clients. This is also true for other professionals you’re working with to buy a house. Mortgage lenders and title companies could possibly have a lighter work load in the fall, helping you to get through the process of buying a home quicker than expected. And while not in the front of your mind, it may be easier to move at this time too. With less people renting u-hauls or hiring moving services, the fall is a prime time to make sure you have the help you need when moving into a new place.
6. Holiday sales for home improvements bargains
From furniture, to décor - or even appliances, when buying a house you might need a few things from each of these categories. You may even need items like these to fix up your current house before selling. At the end of the day, this is a great time to take advantage of all the sales out there: 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..
We hope that this helps you determine if now the time to buy your next house is! And as always, we would love to work with you on securing that dream house today!
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