It’s well-known that spring and summer are considered the best time to buy a home. The school year is coming to an end, people are eager to go outside, and properties usually look their best.
Meanwhile, fall often gets overlooked, and potential buyers think autumn is all about the holidays.
However, fall is not only a great time to buy a house, but it might also be the best season to find your dream house.
Here is why holding off until the fall can be beneficial for the buyers:
Less Competition
During the fall, there are fewer buyers. Most of them have already found their dream home and others with kids are less likely to be in the market once the school year has begun.
There are fewer people interested in available houses on the market during the fall, which results in less competition. With this being said, the chances of having multiple offers on a property is reduced.
Sellers are Worn-out
Typically, most sellers put their home on the market during the peak seasons, spring and summer.
Sellers who have their property sit the entire summer are now eager to make the deal, which gives leverage and negotiations for the buyer. As the days on market have increased a wary seller may be more inclined to take a lower offer.
The Focus is On You
Peak selling months tend to be overloaded with real estate transactions. This means your realtor is busy dealing with multiple clients.
However, during the slower season, agents are far more accessible which may equate to more time and focus on closing your deal. They are more responsive which can help the process to go more smoothly.
Faster Processing Times
With fewer people buying property, mortgage companies have fewer transactions. While there’s still minimum time before you close the house, they often respond quickly meaning loan processing may be done with fewer delays.
And the same goes for home inspectors. Finding an available home inspector can be hectic during the spring. With fewer homes on the market, there are fewer home inspections which means you’re more likely to find an inspector that can work with your availability, not the other way around.
Finding a mover at a reasonable price is also easier. Fewer sales equal fewer moves. Many movers over discounted rates during the slow season. Again finding a company that is willing to work within your timeline is also easier.
Tax Advantages
Income tax is unavoidable, but if you’re a first time home buyer, you can use it to your advantage. Both property tax and mortgage interest are deductible. Payments before the closing are also tax-deductible. These tax benefits can help you save a ton of money.
End-of-Year Sales
Purchasing a property that needs some improvements such as new carpet, paint, and appliances won’t be as costly to fix up.
Buying in the fall may help you save money beyond just the sales price of the home. Many home upgrades and improvements are at their lowest in autumn. Whether its a contractor with lower rates during the slow season or a big holiday sale at a big box appliance store there are lots of saving to be found during this time of year.
Are you thinking about buying a home soon? Check out our Steps to Buying a Home Guide. Feel free to give me a call at 703-539-2053 or email [email protected] to schedule a private showing of this or any other property.
About the Author
The above article was written by Abraham Walker, Your Northern Virginia Real Estate Agent, helping clients market their homes to achieve high sales with a quick closing time is my main priority. He’s the co-founder of Ask A Walker and can be found on YouTube, Facebook, and HERE on this blog.
