No one can deny that during the summer, real estate is at its peak busiest time of the year. But these solid points on fall real estate might convince you that waiting for the end of summer may be more advantageous than you might have previously thought!
There is way less competition | Fall is often considered an off season for real estate, which is why the competitiveness drops. There are still homes for sale, new inventory and old inventory that may be more eager to sell after not selling during the hotter spring/summer market. This leaves you in a position with greater negotiating power. Many sellers are also motivated to sell before the holidays, so with a favourable possession date in mind, you can give whatever offer price you had in mind and be aggressive in negotiating.
Sellers are more eager to sell | Some sellers who listed in the prime spring/summer market and didn’t sell, for any number of reasons but most likely because they could have been asking too much. After however many weeks or months that they’ve had no action on their home, when they do get an offer they’re more likely to make a deal and more willing to come down in price.
Sellers are more serious | Not all homes on the market are summer leftovers. The timing may just be right when sellers list in the fall, because of a new job or for whatever reason. So sellers who list in the fall are generally more serious about selling and are more open to lower offers and negotiating.
Tax break advantage | For any first time homebuyers, this ones for you! Property tax and mortgage interest are both deductions you can take for your whole years worth of income. Any 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.
You become a higher priority | Because the summer months are the busier seasons, real estate agents are busier during that time. This is also true for other service professionals like mortgage lenders and title companies. So in the fall when everyone is moving out of the sales swamp they can provide you with more attention and respond quicker in regards to a sale.
End of the year sales | You can take advantage of the end of the year sales to outfit your new home. And the fall months are a good time to buy all sorts of consumer goods. For example, September is a great month to buy carpet and paint, lawnmowers in October and appliances and cookware in November.