Fall May be the Best Time to Buy a Home After All!
Most people – Realtors and lay-people – believe that Spring and Summer are the best times to buy and sell a home. I’m here to disagree. In my experience, Fall is the best time for a real estate transaction.
For example, Realty Trac data shows that October is the best month for “snagging a home-buying deal,” according to an August 29, 2019, article in RealtyTimes, written by Brad Miller. Realty Trac’s data also shows “that those who purchased homes in October ended up paying 2.6% less than the estimated market value for the homes they purchased.” That translates into thousands of dollars saved. More specifically, homes purchased on Oct. 8 “averaged 10.8% less than their market value estimates.” Oops, you missed that date, but there are many more excellent Fall days on which to buy a home.
Another reason Fall is a popular time to buy a home? Less competition. While “sellers…typically drop out of the market during Fall and usually resurface after the New Year,” if you keep your eye on new listings during this time, you can have a beautiful new home before the holidays.
The holidays can work for you! Come Fall, “people are either hurrying to sell so they can move to another home or they’ve taken time out from buying as they get busy for the holidays.” However, this factor can work in your favor when you “spot a new listing knowing the owner will want to vacate their old home as soon as a deal is finalized,” writes Miller.
Your real estate broker will have more time for you. “Because there are generally fewer listings and buyers in the Fall, you real estate broker will have more time to show you homes that fit what you’re looking for, plus answer questions you may have,” according to the RealtyTimes article. They may also be more motivated to work out any nits or inspection issues in a purchase agreement as the end of the year nears and holidays approach.
Another reason that makes Fall a winning season for buying a home? New homeowners can grab bargains during Fall home improvement season when appliances are at their most affordable and new models are being launched. “This is also the best time to purchase cookware, patio furniture, TVs and, sometimes, pay for home improvement services,” writes Miller.
A final reason Fall may be the best time to buy a home is because of year-end tax credits. According to Miller, “It is possible you’ll be able to score quite a significant tax deduction come tax season.”
All is all, many reasons support Fall being the best time of all to buy a home. My own experience selling homes in Central Indiana is that those priced right are going like hot cakes this time of year. Let me sell yours and help you find a new one!