When you think of a hot real estate market you usually think about the spring market but the fall is also a busy time for real estate. There are many benefits to buying a home in the fall.
Buying a home towards the end of the year is a great way to get a tax break. Home buyers can deduct both mortgage interest and property taxes from gross income on their taxes. Buyers may also be able to deduct prepaid interest and closing costs.
The weather in the fall can also be an ideal time to move. It can be difficult to move in the heat of the summer or in freezing temperatures or icy winter weather.
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Median homes prices typically peak each June or July. This is because families with children buy larger homes and want to get settled before the start of school. Prices slightly decline each September with purchases dominated by first-time buyers who usually buy smaller homes.
The fall typically has a nice selection of inventory. Many sellers list their home for sale hoping to close the deal before the holidays. Some sellers may even be motivated to sell before the year end so they may be more flexible in their negotiations.
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Just because the inventory may be good the fall is still a competitive market. If you find a home you like don’t be lulled into thinking other buyers won’t like it too. Make an intelligent and carefully planned offer before another buyer comes along and betters your offer snatching the house out from under you.
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