6 reasons to buy a home in the fall
Spring is traditionally the hottest time of year to buy a home. But there's a lot to be said for waiting until September or October to begin shopping around for a property. As nature's landscape begins to change, so does the home-buying landscape. If you planned to wait until March or April to become a homeowner, here's why you might want to buy a house in the fall.
Find out now: How much house can I afford?
1. You're Less Likely to Get Stuck in a Bidding War
When the kids go back to school, home sales often begin to slow down. While that may not be great news for home sellers, buyers can take advantage of seasonal lulls. The competition for homes will be less fierce and there a smaller chance that you'll be outbid by someone else.
2. You May Be Able to Get a Better Deal
When there are fewer buyers around, sellers sometimes decide to lower their home's asking price. That could be the case if a home has been on the market throughout the spring and summer.
By the time the fall arrives, a home seller may be ready to take a hit just so that he or she can move on. And a homebuyer who's waiting in the wings could score a great deal on a house.
3. There's Less Pressure to Buy
When homes are being snatched up left and right in the spring and summer, you might feel pressured to move quickly. During the fall, however, you may be able to work your way through the home-buying process at a slower pace. If you don't have to rush, you can carefully compare homes and choose the best one for you and your family.
Related Article: Top 5 Tips for Selling Your Home in the Fall or Winter
4. Getting Your Agent's Attention May Be Easier
One of the worst things about buying a home in the spring or summer is dealing with a real estate agent with a laundry list of clients. You can easily get lost in shuffle. Once the season slows down a bit, however, your agent may be able to devote more time and attention to meeting your home-buying needs.
5. You Can Get a Better Look at Homes' Exterior Issues
When you buy a home in the spring or summer, you can take something like green grass for granted. You might fixate on a home's beautiful flowerbeds and ignore the loose shingles on the roof or the crack in the driveway.
By viewing homes in the fall, it'll be easier to spot landscaping problems and other exterior flaws. And you can deal with those issues before you buy a house.
6. There's Still Time to Get a Tax Break
Homeowners can deduct certain expenses on their tax returns, including property taxes and mortgage loan interest. Even if you close on a home in November or December, you can still write off qualifying expenses when you file your taxes in the spring. Those tax breaks may only trim a few hundred dollars off your tax bill, but every penny counts.
Estimate your income tax bill now.
Regardless of when you decide to buy a home, it's important to do plenty of research before making a purchase. It's a good idea to figure out how much house you can afford and get preapproved for a mortgage. You can also compare rates to see which lender has the best deal.
While that kind of prep work might take time, it can pay off if you save money in the process.
Photo credit: ©iStock.com/Arpad Benedek, ©iStock.com/Pathos Media, ©iStock.com/LeeYiuTung
Now check out some awesome tiny homes!