Fall is here, and while summertime is traditionally considered home buying season, these days homes are being snapped up all year long. In fact, autumn might be the best time yet to buy a home this year. Check out five great reasons to buy a home this fall!
Less Competition for Homes
If the scorching hot summer housing market scared you off of the house hunt, you’re in luck! The weather isn’t the only thing that cools down in the fall—so does competition for homes. Many potential buyers don’t have the freedom that summer offered, so there are fewer looking at homes. This means that you may have more time to view homes and choose the best one for your needs. And once you’re ready to make an offer, you may be in a better position to negotiate with sellers.
More Attention from Your Agent and Lender
It’s not only sellers that are busy during the summer months—real estate agents and lenders are swamped as well. Waiting until the fall to start your home search could work in your favor, as your lender and agent will have fewer clients, and therefore more time to spend on your needs. You will be able to see more homes and review more loan options.
Sellers are Ready to Sell
Most homes go up for sale during the summer home buying season, which means that sellers still in their homes are more motivated to sell. This could give you more negotiating room, a lower sales price and a faster closing. However, not all homes that are for sale are left over from the summer season—many homeowners put their houses on the market in the off-season for reasons including job relocations or school moves. These sellers are ready to move out as soon as possible, so buying when they are ready to leave puts you in a great position to negotiate things like sales price, closing costs, repairs and more.
Tax Advantages are Ready for the Taking
It’s common knowledge that buying a home gives you quite a few tax breaks, but did you know that you get just as many regardless of the time of year that you buy your home? Even if you close on your home at the end of December, you can still apply the property taxes and interest points to lower your tax liability for that year. Bonus, if you buy in the fall, you will be able to write off a few months of your interest before tax season comes around.
Upgrades are More Affordable
When you buy a home, there will always be things you want to fix, small and large. However, did you know that you could save money on upgrades and construction costs if you get them in the fall months? Fall is the perfect time to snag year-end deals on appliances and other home upgrades, and since contractors are generally less busy after the summer months, you might be able to get a great deal and have a contractor who can spend the bulk of his attention on you.
If you’re ready to buy a home this fall, don’t forget about the NC Home Advantage Mortgage™ with down payment assistance and lenders statewide. Whether you are a first-time or move-up home buyer, our mortgage products can help make home ownership more affordable for you this fall. Learn more.
