Although the summertime real estate season is as hot as the weather, you may want to consider delaying your purchase until the fall because of how competitive it is.
In recent years, the month of October has become the most popular period for couples to be married, surpassing June for the first time. Indeed, these women who prefer the fall season may be onto something: while spring is traditionally the most popular time to purchase a property (as well as have a wedding), the fall months may be the new peak season.
If you’re looking for a property in San Diego, California for example, you can easily hop from one open house to another without worrying about whether or not you’ll need an emergency AC repair as soon as you move in. Additionally, families seeking to relocate prior to the start of the school year are ruled out. In addition to these two more obvious reasons, here are seven insights from real estate professionals that will help you better understand why you might consider making a fall real estate purchase.
1. There are fewer competitors
Many believe the fall to be the off-season for real estate, as there is less competition for residences. It’s true that the number of available houses is lower than it was in the spring and summer, but there are still some available. “Fall means new inventory and repositioning of old inventory that didn’t sell during the peak season.”
This strengthens your negotiating position. Fall home buyers might consider [making] lowball bids, followed by more aggressive negotiation. Many sellers are very eager to sell before the holidays. You should let these sellers know that you can close before Thanksgiving or before the winter break if at all possible.
2. Sellers are exhausted
When putting their homes up for sale in the spring and summer, when sales are often at their highest, some sellers may have been a little too self-assured and set the asking price for their properties higher than what potential buyers were ready to pay. Most of the time, these sellers are ready to make a deal after months of doing nothing. Sellers who were unrealistic about pricing early in the year will now be more inclined to drop the price come fall. Since there are fewer potential buyers and the sellers are eager to close the deal, it is more likely that they will accept a modest offer now rather than wait for spring.
3. Sellers are taking their business seriously
The homes on the market in the fall are not all stragglers from the summer. The fall is an ideal time to sell for some who find that they have to make a decision soon. They might have been having a house built, and it is now finished or possible that they’re going to have to relocate because of work. The sellers who put their homes on the market in the fall tend to be serious about the transaction. What this indicates is that the sellers may be more open to bargaining and accepting a lower offer.
4. You can benefit from tax breaks
Homeowners for the first time should know that they can reduce their income tax liability by investing in a home. According to New York, NY tax consultant, attorney, and personal finance expert David Hryck, “property tax and mortgage interest are both deductible for your entire year’s income, even if you closed on a home in December.” “Pre-closing payments are tax deductible.” This could have a significant impact on your tax bill at year’s end.
5. The fall season is the most secure time of the year.
Burglars do have their busiest times. July and August are the most common months for burglaries. There is more information on homes and neighborhoods to be had in the fall, so buyers should hold off until then. You’ll be settled in your home and can take precautions, like setting up that new alarm system, before the next burglary season starts. Before you buy, make sure to look at the local maps on Trulia and use the crime filter.
6. Everyone is looking at you; you are the focal point of their attention
Real estate brokers typically have a higher volume of business throughout the spring and summer months since those seasons are considered to be prime times for purchasing a home. Consequently, you may not always receive the attention you desire. This also applies to other specialists involved in your home purchase. Mortgage lenders and title businesses are emerging from the summer sales swamp.
Moving companies are subject to the same regulations. Summer is peak moving season, so people typically suffer delays and service concerns, such as moving companies exceeding capacity and running out of trucks to pick up packages. The likelihood of having a delay is drastically reduced during the fall season.
7. You can snag furniture for your house at end-of-year bargains.
After purchasing a home, you will almost certainly wish to make modifications. There is a good chance that you will also need to make purchases in order to maintain your home, and if the appliances weren’t included in the purchase price, you will also need to get them separately. It would be fantastic if you could time the purchase of your property with the beginning of sales on the things you will need to furnish it. When it is a favorable time to buy various types of consumer goods can be determined by looking at the calendar, as stated by Consumer Reports. Carpets and paint are two home improvement supplies that are particularly good to purchase in the month of September. Lawn mowers typically go on sale in the month of October, while kitchen appliances and cookware tend to go on sale in November.
What season did you make your property purchase? Do you think it’s a good idea to buy a house in the fall? Please let us know in the comments!
