Just like the seasons of the year, there are different real estate seasons that bring opportunities for home buyers. The spring market blooms along with the flowers, while the fall months dwindle with the leaves. This slower pace could be an advantage for home buyers. If you’re in the market for a new home, here are 4 reasons to buy a home this fall.
4 Reasons to Buy a Home This Fall
Deals on old inventory
Often times, sellers choose to put their home on the market in the spring, often listing their home too high. If their home isn’t selling, this could result in price reductions over the summer months. By October, if they still haven’t sold their home, they become desperate and potentially price below a home’s market value. So just because you’re not buying in the busiest home buying season, doesn’t mean you don’t get the benefits.
Perhaps one of the greatest reasons to buy a home this fall is because there are fewer homes competing in the home search. Families who want to be in their new home by the beginning of the school year will have wrapped up their home buying process a couple months ago. This means less competition and more opportunity for buyers. Additionally, in really busy home buying seasons, often times home buyers will find themselves under pressure to make a decision within hours. When there is less competition, the pressure isn’t so intense for home buyers.
Sellers want to close by end of year
Just like any other asset, a home is an investment with tax consequences. A home seller may want to take advantage of a tax gain or loss so you might see them pushing for a close date before December 31. As a home buyer, ask why the seller is selling, and look for listings that offer incentives to close by the end of the year. This way you can use their urgency to your benefit and come out with $3,000 credit in closing costs or a brand new washer/dryer/refrigerator set.
Harsher weather shows home’s true colors
In the summer months, every home looks great since there is a bunch of natural sunlight, and the front and back yard are looking green as ever. In the fall and winter months, you’re able to see any flaws revealed with the home. As a home buyer, it’s better to see a home’s flaws before making an offer, instead of being surprised and disappointed in the future months.
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