Everyone knows that the busiest time to buy and sell houses is in the spring. Around April when everyone has their tax refunds in hand, they use it as a nice deposit towards bigger expenses like homes and cars. This means that while the market might be bigger, the competition might also be fierce. That all changes come in autumn.
The housing market after labor day is incredibly different. A new school year and the fast-approaching holidays mean that families are less likely to move. Luckily for you, if you can hold out until Autumn to buy a home, you’ll be in the driver’s seat. At Gavish Real Estate we want to share our tips on why fall is the best time to buy a home.
The reality is that by the time Fall comes around, the sellers on the market are serious about selling. Most sellers want to have their home sold and their affairs in order by the time the holidays roll around so you’ll have more negotiating power when it comes to closing costs, move-in date, and any other costs. A home on the market in the Fall has probably been on the market since Spring and the sellers will be more inclined to negotiate if it means their home sells. This makes fall the best time to buy a home.
Just like there are fewer homes on the market, there are also fewer buyers. Families with children who just started a new school year are less likely to move during this time because they want stability. Buyers are also hindered by shorter days, colder weather, no tax refunds, and holiday shopping around the corner. This means that you’ll have more attention from the seller, real estate agent, and brokers.
The truth is, that in any market, fewer buyers means that prices are bound to be significantly lower. This is especially true in the Fall with real estate. After Labor Day, the real estate market becomes a buyers market, which means sellers are more willing to reconsider their asking prices.
As if lower asking prices and fewer buyers weren’t enough to get you excited about buying a home in the Fall, there are even some pretty nice end of the year tax credits that you may qualify for. As long as you buy your home by the end of the year, you can add any closing costs, property tax, or mortgage interests to your tax deductions. That will help offset your income and you’ll have a pretty penny come tax season.
At Gavish Real Estate, we understand that buying a home is a huge investment in your future, and we’re here to help you navigate the process with our expertise with buying homes all year round.