The Perks of Buying a Home in the Fall
As we close out a summer marked by rising home prices and limited supply, we’re conditioned to expect the inevitable end-of-season slowdown. But the change of season doesn’t mean activity drops off completely – in fact, buying a home in the fall presents opportunities for homebuyers, in part due to a “back-to-school mentality”.
If you’re a prospective homebuyer, tap into that renewed sense of motivation – and consider the following perks – while hunting for a home this fall.
You can enjoy year-end tax breaks. Buying a home in the fall allows buyers to take advantage of tax breaks such as the mortgage interest and property tax deductions. “There are certain deductions that can be claimed by homeowners only,” explains 1040Return.com founder John Gregory. “If you have taken out a homeowner’s loan, consider these deductions as Uncle Sam’s gift to you.” To learn more about the tax benefits available to homeowners, click here.
You can sidestep the multiple-bid minefield. Bidding wars dominated low inventory markets this summer, but competition tends to wane as activity slows in the fall. With fewer folks searching for homes, fall homebuyers can spend less time chasing supply and more time finding – and getting – the perfect home.
You may have more bargaining power. Aside from less competition, fall homebuyers may have the opportunity to purchase their home of choice at a reduced price, especially when negotiating with sellers who had hoped to unload their homes over the summer.
You’ll be home for the holidays – literally. Buying a home in the fall is also fueled by emotional motivation. As vacations wind down after Labor Day and people become more focused, the desire to be in a new home for the holidays is a historically strong driver of fall home sales.
Source: “The Perks of Buying a Home in the Fall,” RISMedia