6 REASONS FALL MAY BE A GOOD TIME TO BUY THAT NEW HOME!
Still in the market for a new home but tired of being outbid + out of luck? Don’t give up yet, the time may be upon you!
SELLERS ARE EVEN MORE MOTIVATED | If they weren’t, they’d probably hold off until spring, since that is prime selling season. The longer a house has been on the market, the more likely a seller is willing to negotiate.
THERE ARE FEWER SERIOUS BUYERS | Potential buyers with children are less likely to be in the market once school has started. Other autumn buyers may become hampered by inclement weather, shorter daylight hours, and holiday demands. If you are flexible, less competition in the fall can pay off for you!
YOU HAVE OUR UNDIVIDED ATTENTION | During prime selling months, everyone involved in real estate transactions tends to be swamped. In fall, however, real estate agents, lenders, inspectors, title companies, moving companies, etc., experience a lighter schedule, giving them more time and energy to focus on helping you.
END OF YEAR TAX PERKS | Even if you close on the last day of the year, you can apply the property taxes you paid and any interest or points (pre-paid interest to lower interest rates) on a home purchase to offset your income for that entire calendar year. This could be a significant advantage when April rolls around. Consult with your tax or financial planning professional to determine how to leverage the timing details and other aspects of your purchase to your benefit.
UPGRADES MAY BE CHEAPER | If you are purchasing a house that needs new carpet, paint, appliances or other upgrades, buying in the fall may save you money beyond the purchase price of the home. Many of these items are at their lowest prices in the fall. According to Consumer Reports, now is the best time to buy paint and carpeting and the best time to purchase major appliances is November and December. The savings can really add up, leaving you with a bit more cash to cover other expenses.
INTEREST RATES ARE STILL LOW | After mortgage rates hit an all-time low in January of this year, they quickly increased and have since dropped back down closer to their record lows. As the economy begins to reopen, the expectation is for mortgage and refinance rates to grow, but that doesn’t mean rates will shoot up overnight, and today’s mortgage interest rates are still low when you look at mortgage rate history.That means those looking to buy a home still have a chance to lock in exceptionally low rates. While no one has a crystal ball when it comes to predicting mortgage rate trends, the general consensus is that it’s likely rates will inch upward slowly.. for now at least so decide wisely!