7 Things About Purchasing A Home in Fall
The spring typically marks a busy time for many with some receiving tax returns that they use for larger purchases. Some will purchase cars or get married and others will start their search for a new home. However, lately the fall has become just as popular for many of these activities. Similar to how October has become more popular than June for weddings, it can be just as an ideal time to purchase a new home.
Here are some reasons as to why the fall can be a perfect time to purchase real estate.
Even though paying income tax is unavoidable, you can lower your taxes by becoming a homeowner. “Property tax and mortgage interest are both deductions you can take for your whole year’s worth of income, even if you closed on your home in December,” says David Hryck, a New York, NY tax adviser, lawyer, and personal finance expert. “Any payments that are made prior to the closing of the loan are tax-deductible. This can make a serious difference in the amount you owe the government at the end of the year.”
With demand being so high as many buyers are active these days, it has been challenging to find enough housing stock to accommodate the demand. However, once the fall has arrived, school has started and many buyers with children typically drop out of the search as they don’t like to make a move during the school year. Also, the fall can potentially include homes that were previously listed in spring and didn’t sell for one reason or another. These homes can sometimes be repositioned for the fall market now with sellers who are more motivated to sell before the holidays.
Sellers are worn-out
Some sellers who have listed their home in spring and haven’t sold are often more motivated to sell come fall. Perhaps they were too aggressive with their pricing and now they are eager to sell in fall market so they are not stuck with carrying the home through the end of the year as they wait for the next spring.
Sellers are serious
Properties that are listed in the fall are typically available then as the homeowner needs to sell. It may be time for them to sell due to a job relocation or similar. “The sellers with houses on the market in the fall tend to be serious,” says Sam Heskel, president of Nadlan Valuation, an appraisal management company in Brooklyn, NY. “That means sellers could be more open to negotiating and accepting a lower offer.”
Fall is a safer season
Robberies also have peak seasons says Sarah Brown, a home safety expert for SafeWise.com. “July and August are prime months for burglaries to take place,” she says. “Waiting until the fall [to buy] gives you an advantage when learning about a home and the neighborhood.” You’ll be settled in your home and can take precautions — like setting up that new alarm system, installing motion sensor lights, etc. before the next burglary season approaches.
You get more attention from service companies
Spring and summer markets are typically busier seasons so you will also have more competition in the way of service providers. From your mortgage agent to your home inspector you will have less competing buyers in the fall which will allow you to rank higher up on the list for attention and service.
Take advantage of year end sales
Even if your new home is move-in ready, there are still going to be things that you will want to purchase as you settle in. Perhaps you want fresh window treatments or living room furnishings to fit better with the style of the home. Many times at the end of the year retailers are offering great deals and sales as they try to make their numbers by year’s end.