While home sales typically surge in the summer, fall has some added perks for homebuyers.
For starters, you aren’t competing with families who wanted to move into a new home before school started, playing phone tag with people on vacation, or fighting the heat and humidity.
Maybe you have realized you want to change your child’s school district after all. Or you don’t want to deal with the drafty windows and rickety heater in your rental home this winter. As the holidays approach, sellers who are worried about having to sit on their home for several months may be more likely to negotiate or bite on a lower offer.
Plus, it’s also a good time to take note of things you might overlook in the summer. You may realize you want to live in a neighborhood with mature and colorful trees, or not, due to all the yard work. A home with a new furnace could seal the deal, or you may spot a home’s flaws such as a leaky roof.
Here are several reasons fall is a great time to buy a home:
Less competition: In the spring and summer, potential buyers are often racing to line up preapproved financing and put in a bid first. Many are ready and willing to offer top dollar. The housing market cools off in the fall, meaning prices may drop on inventory that did not sell in the prime season. Buyers have more leverage to put in a lower bid or negotiate due to supply and demand.
Motivated sellers: If a seller needs to sell their home before they can buy a new one, you can bet they want to do it before the holidays or the weather turns cold. Sellers also may be weary and worn out from open houses, showings or deals that fell through if their home has been listed for months. Not all homes available in the fall are leftovers or overpriced. For some people, it’s a matter of timing. Think downsizing due to sudden health issues, moving for a job, or finishing a new home build. Buyers can benefit from sellers in a pinch to move.
Winter looming: Most homeowners do not want to carry two homes for long, especially during the winter months. Besides extra expenses, sellers who have already moved into a new home don’t want to worry about heating a vacant home, busted pipes, or the potential for vandalism. They may be more willing to accept a lower offer, cover closing costs, or make other concessions to close the deal.
Tax breaks: For first-time homebuyers, incentives include special programs and tax breaks you don’t get as a renter. Property taxes and mortgage interest are both deductions. Even if you close in late in the year, any payments are tax-deductible and can reduce your overall tax bill. Plus, a home seller may want to take advantage of a gain or loss during this tax year.
Season of change: Autumn’s cooler weather means you won’t sweat profusely trying to move. But symbolically, it also brings an air of exciting energy and new beginnings. Whether it’s going back to school, signing up for a class, or taking inventory of your goals for the year, many people see it as a season of renewal and fresh starts. Perhaps you have been saving diligently and realize you do have the money for a down payment on a house! Fall can be a great time to reward yourself and finally take the plunge into homeownership or start over in a new place. It’s also a safer time of year as far as burglaries go, so you can settle in and get to know your neighborhood.
Personalized attention: Realtors are typically busiest during the summer months. In fall, they have more time to devote to finding you the perfect home or showing you a few more options. The same goes for mortgage lenders, title companies, and movers. If you are someone who moves at a slower pace or has a lot of questions, fall may be the best time to get personalized service.
Off-season discounts: Similar to planning a vacation in the off-season, you can also save on moving costs when you opt to move in fall or winter. The cost of hiring a professional mover or even a moving truck goes up during peak season, which is between Memorial Day and Labor Day. In addition, you can take advantage of year-end sales to update your new space. Consumer Reports offers an online calendar and tracks the best time to buy all sorts of consumer products, including major purchases for the home. Appliances and cookware are discounted in November, meaning you can host a housewarming party and show off your new place over the holidays!
Whether you want to buy or sell your home, the caring and committed realtors at Core Realty Partners will do their part to make the process as smooth and stress-free as possible. They can give you tips on finding the best home for your budget or when you are ready to put in an offer! Call us today to list your home or start the search for your next home!