Spring and summer usually get all the real estate glory with lofty accolades as the best time to buy a home—and, of course, the busiest. Meanwhile, their seasonal sibling, fall, often gets tossed to the leaf pile by potential buyers who might think autumn is just about haunted houses and turkey dinners rather than house hunting.
But surprise! Fall is not only a great time to buy a home, it might also be the best season to find the perfect property (and not just because you can browse the listings while cupping a pumpkin latte).
- There’s less competition.
Competition for houses drops off in the fall, a time many people consider to be off-season in real estate. But there are still homes for sale — and in some cases, there’s just as much inventory as there was during the spring and summer. Fall means new inventory and repositioned old inventory that did not sell in the prime season.
This puts you in a great position to negotiate. Many sellers are very motivated to sell before the holidays. If possible, buyers should let these sellers know that they can close before Thanksgiving or before the school winter break.
- Sellers are worn-out.
Some sellers who put their homes on the market during the prime selling times of spring and summer might have been a tad overconfident by listing their homes for more than buyers were willing to spend. After months of no action, these sellers are often ready to make a deal. Sellers who were unrealistic earlier in the year about price will now be more willing to reduce the price come fall. Because there are fewer buyers and because the sellers are now eager to sell, they are more inclined to take the low offer than wait another six months for spring to come around.
- Sellers are serious.
Not all homes on the market in fall are summer leftovers. Some people need to sell in the fall because the timing is right. Maybe they were having a home built, and it’s now ready. Maybe they need to move because of a job. The sellers with houses on the market in the fall tend to be serious. That means sellers could be more open to negotiating and accepting a lower offer.
- You can take advantage of tax breaks.
First-time homebuyers, take note: Although you can’t escape paying income tax, you can make a dent in what you owe when you become 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. 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.
- You can take advantage of end-of-year sales to outfit your home
There are bound to be improvements you’ll want to make after buying a house. You’ll also probably need to buy items to maintain your home, and if appliances weren’t part of the deal, you’ll need those too. Wouldn’t it be great to coordinate your home purchase with sales on items you’ll need? According to Consumer Reports, the calendar determines when it’s a good time to buy all sorts of consumer goods. In particular, September is a great time for buying carpet and paint. October means lawn mowers go on sale, and appliances and cookware are cheaper in November.
Source: http://www.realtor.com/advice/buy/reasons-fall-is-the-best-time-to-buy-a-home/