By September in most years, the real estate market cools down, along with outdoor temperatures. Which may mean it’s the perfect time to find a new home. Here are a few expert insights on why you should consider a fall real estate purchase…
Fall is a great time to be in the market for a new home,. The spring and early-summer frenzy of buyers wanting to get into a home before school starts has settled down. This puts you in a great position to negotiate. So in autumn, a curious thing happens. listing prices do not drop but sale prices do. If you find a home you love but may be listed outside your price range, you can avoid a bidding war, or even cut a deal with the homeowner. As a result, perhaps you’ll even pay below market value, up to 2.6% according to some estimates. Many sellers are very motivated to sell before the holidays.
Seller Are Ready to Make a Deal
If the seller put the house up for sale in the spring or summer and might have been a tad overconfident by listing their home for more that buyers were willing to spend, they may be worn out after months of no action. They may be willing to negotiate in the fall. They know there are fewer buyers and are more inclined to take the low offer than wait another six months for next spring to come around..
Sellers Are Open to Negotiation
Homes on the market may not all be leftovers. some sellers need to sell in the Fall because of timing. Maybe they are having a home built and it is now ready. Maybe they have taken a new job or maybe they are in a relationship and want to move. The sellers with houses on the market in the Fall are serious about selling their home as soon as possible. This makes them open to negotiation.
Tax Break Advantages
Motivated sellers want to close by year-end. Many home sellers want to take advantage of a gain or loss during this tax year. Buyers may find homeowners looking to make a deal so they can close prior to December 31st and get that tax break. For the buyer, if you closed on your home by December property tax and mortgage interest are both deduction you can take for your whole year’s worth of income.
As a Buyer You Will Get More Attention
Service providers, such as mortgage lenders an title companies and real estate agents are not as busy as they were in spring and summer. They are moving out of the summertime sales swamp and can respond quickly. This will give you the advantages of the attention you want. You may even find movers are more available to you. The probability of experiencing a delay goes way down in the fall season.
End of Year Home Goods Sales
You can take advantage of items to outfit your new home. There are bound to be items you will want to purchase after buying a house. According to consumer reports the calendar determines when it is a good time to buy items. September is a great time for carpet and paint and October means lawn mowers go on sale and November cookware and appliances are cheaper. So you would be able to get in on the end of the season sales.
Tom has 20+ years experience in helping his clients buy and sell properties. Tom is also great resource for trusted vendors that can help assess and fix a property before buying or selling it.
About Tom Reese
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