People often ask me whether Fall is a good time to buy a home and they are often surprised when I emphatically respond with a “YES.” Everyone assumes that spring is the best time to buy a home because they believe that the weather is better and there are more homes to choose from. In reality the weather around here can be pretty dicey in the Spring and I’ve seen many Spring markets with very low inventory.
Fall, on the other hand, is a more laid-back time in the market and its also a fantastic time to buy.
Here are 10 Reasons Why Fall is an Excellent Time to Buy a Home
1. Serious sellers. Fall sellers are serious – they aren’t just testing the market. Some are leftover Spring and Summer sellers who are really ready to sell, and some are people who have to move for a variety of reasons, but that means they are motivated to work with you.
2. Less competition. There are generally less buyers out there competing with you which can put you in a very strong negotiating position. Closing cost credits and other possible incentives are more likely this time of year because buyers don’t want to risk waiting another six months until the next Spring market.
3. Tax benefits. There is still time to take advantage of tax benefits for purchasing before the end of the year. If you are a first time buyer, you can start using that mortgage interest deduction for the first time. If you are trading up to a more expensive home, your larger loan amount will increase your tax deduction. And because interest on new loans is front loaded, you may even have a larger deduction if you are downsizing.
4. Interest rates are still very low. No one has a crystal ball, but lenders agree that rates can’t really go lower. So take advantage of record low rates and remember that even half a point difference in interest can save you hundreds of dollars a month and hundreds of thousands over the life of your loan.
5. Service providers are more available. Spring is a notoriously busy season for buying homes, and summer is the busiest moving season. Everyone from painters and movers to lenders and title companies are less busy in the fall, enabling them to provide more attentive and sometimes cheaper service to fall home buyers.
6. Holiday hosting. If you buy in October or November you can be settled into your new home just in time to host family and friends for the holidays. Find your dream home with the kitchen and great room that you’ve always wanted and host everyone this year.
7. Or not. On the other hand, If you prefer not to host the holidays, you have the perfect excuse this year, as you’ve just moved in and ” haven’t totally unpacked”.
8. Take advantage of year-end sales on home furnishings. You’ll probably need some new furniture, rugs and possibly appliances for your new home. Those aren’t cheap, but late fall and winter are great times to buy and take advantage of end-of-year sales. As an added bonus, family members are more apt to give you significant gifts for the new home as holiday presents.
9. Time to get settled in. As businesses tend to slow down and even close around the end of the year holiday season, you’ll have extra time on your hands to get organized and get your home in order before the start of a new year. Start the new year off right with not only a new home, but an organized new home.
10. Easy yard maintenance. Because most plants and lawns are dormant this time of year, you can ease into maintaining your landscape rather than having to scramble to find someone to cut your grass right away. So plant a few mums, hang up a gorgeous wreath, and start enjoying your new home!
Thinking about buying this fall?