The spring market usually gets all the real estate love with lofty accolades as the best time to buy a home—and, of course, the busiest. Meanwhile, the opposite season, fall, often gets overlooked. But surprise! Fall is not only a great time to buy a home, it might also be the best season to find the perfect property. Here are seven reasons why.
#1: Lower home prices
The best month to snag a deal when buying a home? October. This isn’t just some random guess; it’s based on RealtyTrac’s analysis of more than 32 million home sales over 15 years. The resulting data showed that on average, October buyers paid 2.6% below estimated market value at the time for their homes. For a house that would normally be $300,000, 2.6% translates into a $7,800 discount. Those savings are nothing to ignore, so bargain hunters should get busy once autumn rolls around.
#2: Less competition
Like a beach after Labor Day, the real estate market clears out as the days turn crisp. Most summer buyers have found a home, which means a fall buyer will have a lot less competition for the available houses on the market. There may be less inventory, but patience and an eye for making a property yours can yield great results.
#3: Exhausted home sellers
Sellers who have their homes on the market in the fall and winter months are typically people who need to sell which can open the door for better negotiations. And if a home you have consider this summer is still on the market, you are in an excellent position to make an offer. The longer a home sits on the market, the more negotiating power the buyer wields.
#4: The holidays are around the corner
Not only are most home sellers worn out after the summer selling season, they’re also seeing the holidays fast approaching. If they want to move and settle down in time to host Thanksgiving and put up their Christmas lights, they’ll need to close, quickly.
#5: Year-end tax credits
While not the first reason to buy, but there can be added incentives to closing on a home at the end of the fiscal year. Come the following April 15, you might be able to take some tax deductions including closing costs, property tax, and mortgage interest, to offset your taxable earnings.
#6: More quality time with your real estate partners
As the year comes to an end, fewer buyers also means you should have the full attention of your real estate agent, mortgage broker, real estate lawyer, and everyone else on your house hunting team. You can take your time to ask all those questions you have about earnest money, due diligence, title transfers, and more.
#7: Home improvement bargains
Once you close on that home you found in the fall, you may want to upgrade your appliances. Luckily, December is when major appliances—refrigerators, stoves, washers, and dryers—are at their best prices, according to Consumer Reports. It’s also the best time of year to buy cookware and TVs.
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