Fall is emerging as the best time to buy a house. Many studies show that buyers get the very best price in October-December. The average price of homes in the Fall is 2.6 percent below the average full market value of the home. Among saving money when buying in the fall, you’ll have less competition, tax advantages and year end merchandise sales. Let’s take a look at the 5 reasons to buy a home in the Fall.
5 Reasons to Buy a Home in the Fall
Less competition is one of the largest reasons to buy a home in the Fall. Competition when buying a home puts the pressure on home buyers. Many times if you have high competition, you don’t have time to really think about if you want the home or not since there are seven people behind you who want the same house. In the Fall, there is less competition but inventory is still good. Additionally, many buyers who were looking in the summer turned their focus to back to school and family for the holidays, rather than the house hunt.
You’re the focus
Because spring and summer are popular times for home buyers looking to start the school year in their new home, agents are more attentive to your particular needs in the Fall because the market generally slows down. Additionally, other professionals having to do with the home buying process such as lenders, home inspectors, painters, handymen, etc. have more time in the Fall to devote to you the buyer.
If you’re able to close on your home before the end of the year, you’re eligible for a tax deduction next tax season. Items that go toward deductions include closing costs, property tax, and mortgage interest. All of these expenses can save you thousands of dollars in the amount your owe to the government.
Year end merchandise sales
Many retail stores will be holding large sales before the end of the year due to holiday shopping, and to make room for next years models. Because of this, appliances such as refrigerators, washer/dryers, and dishwashers can be found at deeply discounted rates. Most home buyers don’t think about the costs of their new appliances, but finding good deals can help you save a significant amount of money in a time of heavy spending.
Fall is a safer time of year
Believe it or not, burglars have peak times of the year. July and August are prime months for house burglaries due to families being on vacation for weeks at a time. Waiting until the Fall gives you an advantage when learning about a home and a neighborhood. You can focus on settling into your home and setting up a home inspection system before the next peak season for burglary hits.
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