Fall might just be the new best season to become a homeowner.
Historically, spring has been considered the ideal season to buy and sell in the real estate market. In the spring, buyers, sellers, and real estate agents come out of hibernation with an itch to start fresh and dive into springtime sales. However, times are changing, and new research is showing that autumn is the new spring for home buying. In fact, studies on home sales show that the best day of the year to close on a home is October 8. Seal the deal on a home this fall for these six reasons.
1. Beat the competition
Late spring to summer can be the busiest time of year for real estate. This trend can be linked to families who are looking to move and settle into their new homes well before the next school year begins. In the fall, fewer buyers mean you’re practically the center of attention to the real estate world.
2. Sellers are burnt-out and desperate
By fall, peak selling season is over and sellers are both exhausted and ready to sell more than ever. At this point in the year, sellers are motivated to sell because they don’t want their houses on the market during the holiday season. This situation is to the buyer’s advantage because it gives them an edge on negotiating a better price.
3. Safety first
This reason to buy a house this fall may come as a surprise to some. Believe it or not, burglars have a peak season too and it’s late summer. Research shows that July and August are the prime burglary months, most likely because families are out of town on summer trips, leaving their homes vulnerable to break-ins. Waiting until fall to buy a house gives you the chance to learn about what’s really going on in the neighborhood.
4. Conducive climate
Number four on the list of reasons to buy a house this fall is better weather. This may vary depending on your region’s climate, but for much of the country, autumn weather is mild. Moving is a workout (unless you hire some professionals) so all that heavy-lifting is better suited for after the hot summer heat and before the freezing winter temps.
5. Two words: Tax breaks
While you can’t escape paying income taxes, you might just owe less when you become a homeowner. Even if you close on your home in December, you can deduct property taxes and mortgage interest from your entire year’s worth of income. In addition, any payments you make before the loan is fully funded are tax-deductible. This benefit to homebuying could seriously change the amount you owe the government at the end of the year.
6. Did someone say sale?
You’re a homeowner! Now it’s time to make your house a home. You’ll probably want to furnish your home and make improvements. Well, we’ve got great news: Consumer Reports shows that around-the-house items such as carpet, paint, and appliances go on sale in the later months of the year. Take advantage of year-end sales on home goods when you buy a house this fall.
Consider these six reasons to buy a house this fall in your search for a place to call your own. Ready to get serious? Our tips for purchasing a home this fall is a great place to start.