5 Reasons Why Autumn Might Be the Best Time to Purchase a Home9/22/2018
The longheld belief that summer is the best time to buy a home is fading fast. Savvy homebuyers are learning that when fall hits, numerous benefits are available that simply don't exist the rest of the year.
1. Year-End Tax Breaks.
As long as you close on the house on or before Dec. 31, any property tax and mortgage interest paid are tax-deductible for that year. This can be a dramatic impact on the amount of money you owe Uncle Sam, or increase your refund.
2. Less Competition.
The National Association of Realtors recently noted that, in an average year, nearly half of all home sales occur May to August. Although most people wait until the hustle and bustle of the spring season, you'll likely encounter less competition during fall and winter. That means less chance and a reduced chance you'll be involved in a bidding war.
3. Eager Sellers
Sellers become more motivated the longer their home is on the market, especially now that the summer rush is over. If a home has been listed for a while, it may allow buyers more room for negotiation and potentially a better deal.
4. Cheaper Moving Prices
You're probably planning to hire a moving company in some capacity, whether you're moving across town or across the country. In the fall and winter, moving companies tend to be less busy, which means you might enjoy flexible schedules and lower prices.
5. Quicker Transactions
Motivated sellers paired with less busy title companies may mean a faster closing in fall and winter. Do you want a new home in time for the holidays or new year? It's entirely possible when you house hunt now.