Fall is a good time for homebuyers.
Spring and summer are typically thought of as the prime seasons for house hunting. Once fall rolls around, you may as well put your home buying plans on hold until next year, right? Well, not exactly. A strong case can be made that fall is actually a great time to buy.
The top five reasons fall is a great time to buy a house.
During the spring or summer, when there are a lot of buyers looking for a home, the best houses sell fast. If you’re in a competitive market, you often have to be prepared to move quickly. You may also need to be ready to sweeten your offer if another buyer is interested in the same property. That can be stressful and costly. After the summer season, there will most likely be fewer buyers competing for the homes you’re looking at, and fewer buyers’ means a better shot at getting a good deal. That’s because there is less chance of getting into a bidding war with another buyer, which typically drives the price of the home upward. With less competition, you’re more likely to get the house you want at a price that works for you and your budget.
There may be tax benefits to being a homeowner1. Buying before the end of the year means that you could start reaping those benefits sooner. For example, homeowners may be able to deduct interest paid on their mortgage, property taxes, and even some closing costs. In short, buying a home this fall means you could start benefiting from those deductions at tax time next year, which can provide a little bit of relief.
Even in warm weather locations, winter isn’t a popular time to put a home on the market. Who wants to add moving into a new house to their busy holiday schedule? Since there are a lot of reasons to want a home sale wrapped up before winter, homeowners are generally more motivated to sell during the fall. During the summer, sellers are apt to take more time and be choosier about which offer to accept. That can mean better deals for you. If you find a home you’re interested in and the owner is serious about selling their house quickly, you might just end up with more leverage than you would in a busy spring or summer market. With more competition, another buyer might agree to terms you want.
In the summer, real estate agents are busy and spread thin. By the time fall rolls around, they’re just as motivated to make sales but have more attention and time to give to buyers. The extra time can help them understand your needs better to find you the perfect home. Plus, you have a better chance of agents giving you the first notice of a great deal going on the market.
Once you buy a home, you may need to make some updates. Whether you’re in the market for carpet, paint, or new appliances, you can save big on end-of-year sales at home improvement stores. Late fall is even the perfect time to grab a lawnmower for the next season.
We offer a wide variety of mortgage options that we craft specifically to fit your needs. We offer fixed-rate, adjustable, and options with flexible qualifying criteria and low down payments. Or, if you’re looking to build your dream home or improve your current home, our construction and renovation loans can turn that dream into reality.
The best time to buy a home is when it’s right for you. Please know we can craft a mortgage solution that works for you and your budget, this season or next. We can help craft just the right solution for you.
1Consult your tax advisor regarding the deductibility of interest.
This is not a commitment to lend. Programs available to qualified borrowers. Subject to credit approval, underwriting approval, and lender terms and conditions. Program terms available may be based on the state or county in which the financed property is located. Programs subject to change without notice. Additional restrictions may apply.
While Opes Advisors, a division of Flagstar Bank, Member FDIC, uses all reasonable efforts to ensure that this information is current, accurate and complete on the date of publication, no representations or warranties are made (express or implied) as to the reliability, accuracy or completeness of such information. Opes Advisors, a division of Flagstar Bank, Member FDIC, therefore, cannot be held liable for any loss arising or indirectly from the use of, or any action taken in reliance on, any information appearing in this. Equal housing lender.