The fall may be notorious for a slowdown in the housing market. But for home buyers that shouldn’t mean they should go to an early hibernation. For home shoppers, the fall likely will be the best time to buy.
1. Lower home prices. Realtor.com® recently highlighted several reasons why the fall is the best time to purchase a home, including: October can offer the best month for home deals, according to research by RealtyTrac of more than 32 million home sales over the last 15 years. In October, home buyers paid 2.6 percent below the estimated market value at the time for their homes, the study shows. In other words, on a $300,000 home, they could save $7,800 by purchasing it in October.
2. Less competition.
The home buyer rush from the summer days is over. Home shoppers this summer who were rushing to find a home before school started have already found one. Fall home buyers will have less competition. “Many folks will drop out of the market until after the new year,” says Bill Golden of RE/MAX Metro Atlanta Cityside.
3. More leverage.
Home sellers in the fall may be more pressed to sell. They are “generally people who need to sell, which can make for better negotiations for the buyer,” Golden says. The longer a home lingers, the more negotiating power the buyer likely will have. Plus, some sellers may want to get settled in their new home before the holidays and have more incentive to make a deal sooner rather than later.
4. Year-end tax credits.
Home buyers who close on a home by the end of the fiscal year may find a nice tax deduction awaiting them on April 15. They may be able to deduct closing costs, property tax, and mortgage interest to offset their taxable earnings.
Wait, there are more reasons to buy this fall! Check out the full list at realtor.com®.
Source: “7 Reasons Fall Might Just Be the Best Time to Buy a Home,” realtor.com® (Sept. 30, 2016)
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