If you still think that the best time to buy a home is either spring or summer, you might miss out on what makes buying a home in fall such a great idea. While it is true that the buying frenzy is usually during spring and summer, taking advantage of the many holidays during fall can finally land you your dream home.
Best Time to Buy a Home
Are you aware that October is the best month for snagging home buying deals? This is backed by Homebase Mortgage’s data over a period of 15 years and 32 million home sales during that time period. More so, their data showed that those who purchased homes in October ended up paying 2.6% less than the estimated market value for the homes they purchased. That’s thousands upon thousands of savings!
Think about it, a home worth $500,000’s 2.6% is $13,000. You can use that $13,000 for purchasing really good appliances or have a vacation. Think this ‘discount’ is out there? Just wait until the 8th of October because homes purchased on that date averaged 10.8% less than their market value estimates. That’s beyond a good deal! That’s a steal!
Take Advantage of Less Competition
For those with kids, the start of fall is usually a very busy time as people get back to their daily lives after all the fun of summer. Those who were home hunting in spring and summer have either grown weary or already bought homes. Though it is true that sellers also typically drop out of the market during fall and usually resurface after the New Year, keeping an eye out for new listings can give you a beautiful new home before the holidays.
Make the Holidays Work for You
The holidays are just around the corner come fall and people are either hurrying to sell so they can move to another home or that they’ve taken a time out from buying as they get busy for the holidays. This factor can come in handy when you spot a new listing knowing that the owner would want to vacate their old home as soon as a deal is finalized.
Your Real Estate Broker Will Have More Time for You
Because there are generally less listings and less buyers in fall, your real estate broker will have more time to show you homes that fit what you are looking for plus answer all questions you may have. They’d also be more motivated to make lots of sales as the end of year nears and holidays approach.
Bargain Home Improvement Season
Fall is generally the time of the year 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.
All of the above that point to why fall is the best time to buy a home are great, but year-end tax credits might be one of the best incentives for you. It is possible that you’ll be able to score quite a significant tax deduction come tax season.