Just because the summer real estate boom is cooling off doesn’t mean that the market is anything less than red hot. Home sales are a year-round event even if most of those sales take place in the summer months. The reality is that you may be able to find better deals in the off months and capitalize on some tax incentives as well as fewer disruptions moving between homes.
Buying a home in the fall doesn’t necessarily change your approach to buying a home, but it comes with some slightly different considerations. Here are some of our tips for buying a home in the fall.
Purchasing during the off-season can drastically impact the inventory as well as supply and demand for real estate. Depending on where you are in the country, the fall may actually be a perfect time to buy–after the busy summer rush and before winter sets in outright. Knowing this, there may actually be more homes to choose from and fewer buyers in general.
This is one of the top reasons to buy a home in the fall as you likely have a little more time to see homes, deliberate, and generally make a decision before other buyers take interest in your preferred listing. You can also likely close on a home faster as there will be shorter lines at the title company.
Get a Break from Taxes
Towards the end of the calendar year, many individuals are looking at ways to save on their personal tax burden. One way many folks decide to do this is by purchasing a home. Buying a home comes with significant tax ramifications notably interest deductions, deductions on points paid, and any taxes that are associated with the home’s sale.
Depending on how you choose to purchase a home, you may be able to pre-pay taxes, interest, or the like therefore lowering your overall taxable income. Naturally, it’s probably best to get the opinion of a CPA or other trusted financial professional to make sure what you’re doing isn’t going to be harmful to your end-of-year taxes.
An Easier Move
Buying in the fall can often lead to an easier moving experience especially if you have kids. Not only are moving companies more available in the off-season months but moving during the school year and before it gets started in earnest is less disruptive than moving smack in the middle of the school year.
Naturally, if it’s up to you, moving during the summer is generally less disruptive than any other time of the year, but if you had to pick a second time period, the fall is spot on. Additionally, moving before the holidays means you and your family will be settled before Thanksgiving and Christmas roll around allowing you to enjoy the holiday season rather than stress over a potential move.
Be Ready to Buy
Buying during the fall may seem just like buying during the summer, and your mind may very well trick you into thinking that way. Summer buyers are quick to pull the trigger and make an offer at or above asking prices in high-demand markets, but pump the brakes before you get too offer happy and understand that you both have more time and more latitude to make a reasonable offer on a home.
Additionally, you’ll want to evaluate your finances and make sure you’re not jumping into a contract or making an offer that your money can’t back up. For more info on financing a new home, contact Tidewater Mortgage Services, Inc. today!