For the first time in recent history, October surpassed June as the most popular month to get married.
\nAnd these autumn-loving brides may be on to something: Although the spring months are notoriously the best time to buy real estate (as well as have a wedding), fall may be the new ideal season to buy a home.
\nHear us out : One obvious reason is that it\u2019s easier to get from open house to open house without questioning if you\u2019ll need an AC repair ASAP upon moving into that home for sale in Phoenix, AZ.
\nAlso, families on a mission to move into a new home before school starts are out of the picture.
\nBesides these two more obvious reasons, here are seven expert insights on why you should consider a fall real estate purchase.<\/p>\n
1. There\u2019s less competition<\/strong> 2. Sellers are worn-out<\/strong> 3. Sellers are serious<\/strong> 4. You can take advantage of tax breaks<\/strong> 5. Fall is a safer time of year<\/strong> 6. You\u2019re the center of attention<\/strong> 7. You can take advantage of end-of-year sales to outfit your home<\/strong>
\nCompetition for houses drops off in the fall, a time many people consider to be off-season in real estate. But there are still homes for sale \u2014 and in some cases, there\u2019s just as much inventory as there was during the spring and summer. \u201c[Fall] means new inventory and repositioned old inventory that did not sell in the prime season,\u201d says Wesley Stanton, a New York, NY, agent with The Stanton Hoch Team.
\nThis puts you in a great position to negotiate. \u201cFall homebuyers should consider [making] lowball offers, followed by more aggressive negotiation,\u201d says Brian Davis, a real estate investor and director of education at Spark Rental. Davis points out that many sellers are very motivated to sell before the holidays. If possible, buyers should let these sellers know that they can close before Thanksgiving or before the school winter break.<\/p>\n
\nSome sellers who put their homes on the market during the prime selling times of spring and summer might have been a tad overconfident by listing their homes for more than buyers were willing to spend.
\nAfter months of no action, these sellers are often ready to make a deal.
\n\u201cSellers who were unrealistic earlier in the year about price will now be more willing to reduce the price come fall,\u201d says Thomas Miller, a Washington, DC, real estate agent. \u201cBecause there [are fewer buyers] and because the sellers are now eager to sell, they are more inclined to take the low offer than wait another six months for spring to come around.\u201d<\/p>\n
\nNot all homes on the market in fall are summer leftovers.
\nSome people need to sell in the fall because the timing is right. Maybe they were having a home built, and it\u2019s now ready. Maybe they need to move because of a job.
\n\u201cThe sellers with houses on the market in the fall tend to be serious,\u201d says Sam Heskel, president of Nadlan Valuation, an appraisal management company in Brooklyn, NY. \u201cThat means sellers could be more open to negotiating and accepting a lower offer.\u201d<\/p>\n
\nFirst-time homebuyers, take note : Although you can\u2019t escape paying income tax, you can make a dent in what you owe when you become a homeowner.
\n\u201cProperty tax and mortgage interest are both deductions you can take for your whole year\u2019s worth of income, even if you closed on your home in December,\u201d says David Hryck, a New York, NY tax adviser, lawyer, and personal finance expert.
\n\u201cAny payments that are made prior to the closing of the loan are tax-deductible. This can make a serious difference in the amount you owe the government at the end of the year.\u201d<\/p>\n
\nDid you know that burglars have peak seasons? They do, says Sarah Brown, a home safety expert for SafeWise.com.
\n\u201cJuly and August are prime months for burglaries to take place,\u201d she says. \u201cWaiting until the fall [to buy] gives you an advantage when learning about a home and the neighborhood.\u201d You\u2019ll be settled in your home and can take precautions \u2014 like setting up that new alarm system \u2014 before the next burglary season rolls around. Note: Check Trulia\u2019s local maps with the crime filter before you buy.<\/p>\n
\nBecause spring and summer are ideal times to buy a home, real estate agents are usually busier then. And that could mean you might not always get the attention you want. This is also true for other professionals you\u2019re working with to buy a house.
\n\u201cService providers, such as mortgage lenders and title companies, are moving out of the summertime sales swamp and can often respond more quickly,\u201d says John Lazenby, president of the Orlando Regional Realtor Association in Orlando, FL.
\nThe same goes for movers. \u201cBecause summer is peak moving season, people often experience more delays and service issues, such as moving companies reaching capacity and running out of trucks to pick up shipments,\u201d says Jack Griffin, president and chief operating officer of Atlas World Group. \u201cThe probability of experiencing a delay goes way down in the fall season.\u201d<\/p>\n
\nThere are bound to be improvements you\u2019ll want to make after buying a house.
\nYou\u2019ll also probably need to buy items to maintain your home, and if appliances weren\u2019t part of the deal, you\u2019ll need those too. Wouldn\u2019t it be great to coordinate your home purchase with sales on items you\u2019ll need?
\nAccording to Consumer Reports, the calendar determines when it\u2019s a good time to buy all sorts of consumer goods. In particular, September is a great time for buying carpet and paint. October means lawn mowers go on sale, and appliances and cookware are cheaper in November.<\/p>\n