Buying a Home in the Fall
When people think of a hot real estate market they usually think about the spring market but the fall is also a busy time for real estate and a great time to buy. There are many benefits to buying a home in the fall:
· Tax Breaks Buying a home towards the end of the year is a great way to get a tax break. Home buyers can deduct both mortgage interest and property taxes from gross income on their taxes. Buyers may also be able to deduct prepaid interest and closing costs.
· Weather The weather in the fall can also be an ideal time to move. Moving in the heat of the summer or in freezing temperatures or icy winter weather can be difficult.
· Lower Prices Home prices typically peak in the early summer months of June and July. This is because families with children are looking to buy larger homes and like to get settled before the start of school. Prices slightly decline each September with purchases dominated by first-time buyers who usually buy smaller homes and typically don’t have to worry about the start of the new school year.
· Inventory The fall typically has a nice selection of inventory. Many sellers list their home for sale hoping to close the deal before the holidays. Some sellers who were motivated to sell before the year end and failed to get their property sold over the summer may be more flexible in their negotiations resulting in good deals for fall buyers.
While the inventory may be good the fall and sellers may be more motivated, it is still a competitive market. If you find a home you like don't be lulled into thinking other buyers won't like it too. Make an intelligent and carefully planned offer before another buyer comes along and betters your offer stealing the house out from under you. It is wise to use an Accredited Buyer Representative to assist you in the purchase of your new home.