It’s September, and summer is drawing to a close. Soon long summer evenings, barbecues, and vacations will be a distant memory as leaves change, and cold weather approaches. Don’t fret if you’ve been diligently searching for a home and putting in offers throughout the spring and summer without success. The fall is yet another opportune time to search for and buy your dream home. In fact, the months between September and December can be a better time to shop for a home than earlier in the year.
In this post, we’ll share four benefits of shopping for a home in the fall.
1. Sellers Become Antsy to Make a Deal
Spring and summer are usually the busiest seasons for homebuyers and sellers. Warm months bring out homebuyers who are actively shopping for homes and even window shoppers who drop by open houses occasionally out of curiosity. Sellers can grow concerned and anxious to close a deal once the busy season passes. You may find homeowners are more willing to reduce the home sale price. They may even make other comprises in negotiations to sell the home quickly. Be sure to circle back to homes you love that were at the very top of your budget initially. Prices may come down in the next few months.
2. There’s Less Buyer Competition
When the weather heats up, competition between homebuyers heats up as well. In the spring and summer, heavy buyer traffic means you’ll likely be vying for attention against others who are just as eager to make a purchase. Waiting on pins and needles during a bidding war is nerve-wracking. Losing out on the home you love can be downright devastating. The good news is, you may have an easier time getting the home you want during the fall when fewer people are actively searching for homes.
3. Your Family Can Settle in Before the Holidays
The holidays are a busy and hectic time. Planning a big move in the middle of it all can be daunting. Shopping for a home and closing in the early fall means you may be able to move in before the holidays. Settling in beforehand can be a relief in terms of logistics.
4. You May be able to Take Advantage of Tax Deductions
Lastly, buying a home in the fall before the year ends may have tax perks. You may be able to deduct mortgage interest payments, mortgage insurance premiums, property taxes, points, and more. How much you can save will depend largely on your financial situation. Be sure to speak with your tax adviser while shopping to discuss how buying before the end of the year will impact your tax filing.
Warm seasons are often when the market is teeming with enthusiastic buyers and hopeful sellers. Make sure to keep your eyes peeled for something special in the next few months as well. You may discover the very best deals become available after the busy season.
* Atlantic Coast Mortgage does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.