One obvious reason is that it’s easier to get from showing to showing without questioning if you’ll need an AC repair ASAP upon moving in, and also, families on a mission to move into a new home before school starts are out of the picture.
Besides these two more obvious reasons, here are seven insights on why you should consider a fall real estate purchase:
1. There is less competition
Autumn means new inventory and repositioned old inventory that did not sell in the prime season. There is less chance of a multiple bidding war for a property. Also, many sellers are very motivated to sell before the holidays.
2. Sellers are worn-out
Some sellers who put their homes on the market during the prime selling times might have been a tad overconfident by listing their homes for more than buyers were willing to spend. Sellers who were unrealistic earlier about price will now be more willing to reduce the price come fall.
3. Sellers are serious
The sellers with houses on the market in the fall tend to be serious, which means sellers could be more open to negotiating.
4. You can take advantage of tax breaks
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. This can make a serious difference in the amount you owe the government at the end of the year.
5. Autumn is a safer time of year
Did you know that burglars have peak seasons? July and August are prime months for burglaries to take place. Waiting until the fall to buy gives you an advantage when learning about a home and the neighborhood.
6. You’re the center of attention
Service providers, such as real estate agents, mortgage lenders, appraisers, title companies and movers, are moving out of the summertime sales swamp and can often respond more quickly.
7. 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. 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.