Most people think Spring and Summer are the best seasons to buy a home, but in actuality, Fall is probably the best month to buy a home. Don’t believe us? Read below why Fall is the best season to buy a home!
Less Competition. Fewer buyers in the market means less competition for you. To most, Fall is considered an “off season,” (if there is such thing in real estate) but because of this, more home options are available. In many cases, there are as many homes on the market during the Fall as there are in the Spring and Summer. Homes that were on the market in the Spring and Summer months are being repositioned and reassessed for sale in the Fall. Because of this reassessment, buyers are in a great position to negotiate. Buyers can potentially make a lowball offer, followed up by a more aggressive negotiation with sellers. Sellers may also be very motivated to sell their home before the holidays, so if you are able to close before the holidays, this could help in the negotiation process.
Worn Out Sellers. Most sellers list their home during prime selling times like Spring or Summer. These same sellers may have been a tad overconfident by listing their homes for more than buyers were willing to spend at the time. After a few months with no traffic, sellers are usually more willing to make a deal. Sellers may be more willing to lower their price come Fall. It puts some pressure on the seller because there are fewer buyers looking at their home and their motivation is at it’s highest to sell. They may be more willing to take a low offer than wait another 6 months until Spring.
More Serious Sellers. Of course not all sellers are Summer leftovers. Some sellers actually wait until the Fall to sell their home due to timing for them. There could be life events that occurred for the seller to put their home on the market. Obviously, these sellers need to get out of their house and are more serious to sell, in other words, they have a time pressure. These sellers may be more open to accepting a lower offer or negotiations.
Tax Breaks. This is one of the biggest reasons to purchase a home! Of course you can’t get away from paying income taxes, but buying a home can help make a dent in what you owe. Property taxes and mortgage interest are two deductions you can make on your taxes. Any payments that are made prior to the closing of the loan are tax-deductible.
You Have All the Attention. Spring and Summer are extremely busy times for agents. There may be times clients “fall through the cracks” or are not the center of attention. All parties involved in real estate including lenders and title companies are winding down from the busier season and may respond faster to you. Moving companies and contractors are also extremely busy during the Spring and Summer, so overall you’ll get more one on one attention.