Spring and summer have long been known as popular times to purchase a home due to warmer weather and the start of the school year, but there are also many benefits to buying a home in the fall. Actually, statistics from RealtyTrac show that fall, October in particular, is the best time to buy a home. Here are 4 reasons to consider buying this (or any) fall season.
Once summer is over, fewer people are actively looking for homes. This decreases the chances that you will get into a bidding war and drive up the price of a home. Sellers will also be more likely to negotiate price if there are fewer interested buyers.
Prices may decrease
Sellers with homes that did not sell in the peak season may be more willing to lower the price of their property so that it sells quicker. A home that may have been out of your price range in the spring and summer may now be affordable after all.
Take advantage of end of the year tax perks*
When you buy a home you are able to deduct the interest you pay, which tends to be largest in the early part of your mortgage term. Buying before the year is over allows buyers to deduct interest and either reduce the amount they owe or get more back when they file their taxes after the first of the year.
Home before the holidays
Instead of waiting until spring to make a purchase, you can buy in fall and be settled into your new home just in time for the busy holiday season, allowing you to make memories with your family in your new home.
*1st Advantage Mortgage does not provide tax advice. Please contact your tax advisor for all tax-related questions.