Those who buy real estate during fall will gain a number of advantages, as will sellers. In fact, autumn is the second best season of the year for real estate sales. The reason for this is because during this season families will be returning home from vacations, their kids are preparing to return to school, but the holidays haven’t yet arrived. Fall gives you a window of about seventy to eighty days to move a property. Below are some reasons you should do so.
Fall Has Less Competition
Competition for houses will slip during autumn, primarily due to the misconception that it is an off season for the real estate industry. However, houses can and will sell, and the inventory may match that of summer or spring. This allows for excellent negotiation, as there will be pressure to complete the sale before Thanksgiving or Christmas.
Selling And Buying During Fall Provides Tax Breaks
While first time house buyers are still subject to the income tax, they can reduce the amount they owe by acquiring property during autumn. This reason for this is because both mortgage interest and property tax are considered deductions which can be taken for an entire year of income, if the house is purchased by December. Payments which are given before the loan is closed are tax deductible, which means a reduction in the amount of taxes you’ll have to pay.
Sellers Are More Motivated During Autumn
A lot of sellers make the mistake of listing their homes for sale during summer or spring for more than buyers are willing to pay. This is usually due to overconfidence, but after waiting months with no response they will often be willing to make a deal by fall. Christmas is right around the corner and moving the property puts cash in their pocket that can be used for shopping. This often means that you can acquire homes during fall for a fraction of what you’d pay during the spring or summer.
You Can Save Money On Year End Sales To Decorate Your House
Another reason why buying a house during fall is prudent is because of the many year-end sales that are held around this time. Retailers will often have inventory they want to remove to make space for the New Year so they will offer substantial discounts which you can take advantage of. In particular, September is great month for buying new carpets while October is good for appliances, cookware or a lawnmower.
Give You Time To Prepare Property Safety Measures
Research shows that there are peak seasons and months for burglaries, with August and July being peak periods. Waiting until autumn to purchase a house allows you to learn more about the neighborhood, determine its level of crime, and will give you time to install a new alarm system or other defensive measures.