Even if your Real Estate knowledge is limited, you've probably heard that Spring is considered the busy season for buying and selling homes, but we've got a few reasons why you may want to buy or sell THIS FALL!
September is here, the weather is sure to start cooling down a little and the holidays are (let's be honest) right around the corner, so getting into a new home for the Fall and Winter means buying now! If you have heard that Fall is the slow season or that you shouldn't sell or buy during the Fall and Winter months, we've put together some of the top reasons why you SHOULD be thinking about Real Estate this time of year!
Let's start with the most obvious, LESS COMPETITION! With children back in school a lot of families aren't thinking about moving right now, so that eliminates some competition for homes. Those families have probably already bought or sold before school started and are now already into a new home. In most cases, people consider Fall to be the slow season, but there are definitely still homes for sale, so why not take advantage of the inventory without the competition?
Fall is also a great time for negotiations because inventory is either new or left over from the previous listing season. This means many Fall sellers are motivated to sell these homes before the holidays. What does this mean for you as a buyer?... it means there is plenty of time for you to make an offer and close on a new home in time to spend Halloween, Thanksgiving and Christmas in it, if you were to buy right now!
Now we can talk about those sellers who have had their homes listed since Spring, but have not sold during the Spring and Summer months... They still WANT to sell their home. These sellers may be willing to go lower on their price now that they've accumulated more time on the market.
While some homes are still available after being listed all Season, some homes in the Fall are in fact, New Listings. The sellers that are newly listing their homes in the Fall are usually serious about selling quickly rather than waiting until the following Spring to accept offers. These sellers may have been building a home that is now ready, taking a job in another area, or have found a new home on their own search due to lack of competition this time of year, so they could be more open to negotiating and accepting a lower offer just to serve their own benefits!
Then there are first time home buyers who may have finally saved enough throughout the year to make a down payment! Fall is the perfect time for first timers to buy because they can take advantage of tax credits. While you can't discount your income taxes, you can get a deduction for any payments made prior to the closing of your loan, which means even if you close in December, you can claim deductions on your property taxes and mortgage interest! This can make a big difference in the amount of money you owe the government at the end of the year, and again, buying now means you'll get to enjoy your first home for the holiday season! Just imagine setting your table for Thanksgiving with friends and family gathering in your new space!
Buyers in the Fall can benefit from the lack of other buyers and the eagerness of sellers, but that's not all! Throughout your whole real estate transaction, service providers, lenders, moving companies and other parties involved, tend to be less busy in the Fall, which means you get their full, undivided attention! During busy months in the Spring and Summer, these service providers can be less available, have limited schedules or not as quick to respond to you. This doesn't mean they won't give you their best service, but you will be one of many that they are helping at the time. Rather than face delays or limited availability, if you buy in the Fall you're more likely to be the center of attention, and we all like that, right?!
Now onto the most exciting part of buying a home right before the Holidays, you get to take advantage of all the Fall sales in order to furnish, decorate and update your new home! There are bound to be some improvements on your list after purchasing your home and if appliances weren't part of the deal, you're in luck! Most stores will be preparing for their holiday sales and this means you get to invest less in the things on your list! If you've purchased a home in the Fall, September and October may be the time to invest in a grill or lawn mower because these items will be heavily discounted. If it's home furnishings you're in the market for there's already a gift idea you can spread around to friends and family! Perhaps you want to tackle a larger upgrade in the kitchen or a bathroom, now's the time to hire local service providers because it's always good to help the local guys around the holidays and again, if it's their slow season, there may be discounts involved for you and more attention paid to your project because it isn't "one of many" at the time! Win/Win for everyone involved!
So if you still think Fall is the off-season for Real Estate, think again! It may be slower, but for most buyers that's a good thing! If you're thinking of buying now, but you aren't sure, just remember the following:
A lack of other buyers means less competition/better negotiations for you and more undivided attention from everyone involved in your purchase. Also, if you buy now you can enjoy the holidays in your new home and you may qualify for end of the year tax discounts. Finally, you'll close just in time to benefit from end of season sales on large appliances and home furnishings!