For the first time in recent history, October surpassed June as the most popular wedding month. Autumn-loving brides may be on to something; fall may also be the new ideal season to buy a home.
To begin, families on a mission to move into a new home before school starts, are out of the picture. The following are a few expert insights on why timing a house purchase for this fall could be an excellent consideration.
There’s less competition, and likely just as much inventory for sale as spring and summer. Fall can mean new inventory and repositioned old inventory that didn’t sell in the prime season, putting homebuyers in a good negotiating position. Many sellers are also motivated to sell before the holidays (even Thanksgiving) or the school winter break.
Sellers are serious. Some need to sell because the (strategic) timing is right for them, perhaps because of a job move or their next newly-constructed home is ready. They could possibly be more open to negotiating the terms of offers.
Potential tax breaks. Upon becoming a homeowner, property tax and mortgage interest are both deductions that can be taken for the entire year’s income, even if a home closes in December. Other payments that are made prior to the closing of the loan may also be tax-deductible, making a serious difference in the amount one owes the government at the end of the year. One’s agent and financial advisors can guide buyers accordingly.
Enjoy being the center of attention. Professionals besides agents that are intricately involved in the homebuying process - like mortgage lenders, title companies, and even movers – are moving out of their own spring and summertime rush and demands, and can be more available for clients.
Outfit a home for less with year-end sales. September is known for carpet and paint sales, October offers sale-priced lawnmowers, appliances and cookware are cheaper in November. (Consumer Reports offers a calendar that determines best times of the year to buy all types of consumer goods.)