There are so many things I love about fall. The crispness in the air, the magnificent foliage, the chance to wear sweaters, and pumpkin spice everything! After a long, hot summer, there is something almost magical about the first week of fall. It is easy to see why this is the favorite season of so many!
People often don’t realize fall can also be a wonderful time to purchase a home! There are several reasons this is true— let’s take a look at some of them!
Who doesn’t love a discount? Realty Trac conducted a fifteen year analysis, and found that on average, buyers paid 2.6% below market value during the month of October. This was the lowest average of any month.
2. Reduced Competition
As school gets into full swing, there are less people house hunting. Typically, there is still good inventory at this time. The lower number of potential buyers, gives those buyers who are in the market less competition than they might have during the summer months.
3. Motivated Sellers
People who list their homes in the fall, often do so because of job transfers or for other pressing reasons. Then, there are those who have had their house listed all summer and would like to close on a deal before the holidays. In both scenarios, the buyer has a negotiation advantage.
4. Tax Advantages
Lastly, if you close on your home before the end of
the year, you are eligible for that year’s tax deductions (including closing costs, property tax, and mortgage interest).
These are just a few of the best reasons to consider fall as a great time to look for a new home. As always, if you are in the market for a change, I would love to help you through the process! Just give me a call! Meanwhile, enjoy this gorgeous fall weather!