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As summer fades and the brisk fall air begins to set in, we typically see a natural slowdown in the real estate market. Some buyers don’t want to face moving in the wintertime, and with fewer buyers in the market, some homeowners delay listing their homes until spring. That said, if you’re looking for a home and you’re willing to buck these trends, the fall might actually be one of the best times of year for you to purchase a new home. Let’s look at five key reasons why.
1. Motivated Sellers Mean Better Deals
Since many homeowners list their homes in the spring and summer, much of the fall inventory has been on the market for a while—which could mean those sellers will be in a better mood to negotiate. In addition, some sellers need to close by end of year for tax reasons—and if a seller lists a home in the fall rather than waiting until spring, that seller is likely motivated, as well. All these factors add up to better deals for buyers who are willing to brave the elements.
2. Less Competition with Other Buyers
Between back-to-school, more inclement weather and lower inventories, many buyers leave the market in the fall to focus on other things and wait for spring. If you refuse to be one of those people, you’ll find yourself with much less competition. This means you can house-hunt at a more leisurely pace, taking more time to deliberate with less pressure to make an offer right away—and less risk of bidding wars.
3. Fall Reveals the Flaws
If you want to see what a home really looks like, wait until the summer foliage has gone dormant. During the fall and winter months, buyers can’t enhance their home’s curb appeal with clever landscaping. You’ll get a better look at any work that needs to be done—and if you tour the home during cold weather, you’ll also get a better idea of how the home holds up against the elements (e.g., heating, drafts, etc.). This will help you make a more informed decision about what the home needs before you buy it.
4. Tax Breaks
Homeowners who have a mortgage have a potential tax benefit in deducting their mortgage interest from their taxable income. If you want to grab an end-of-year tax break, closing on a home even during the last couple of months of the year can put you in line to save a few hundred dollars on taxes next April. Of course, you should always check with your tax professional to confirm.
5. Closing Times Are Typically Shorter
During the fall and winter months, not only are there fewer buyers in the real estate market—there are also fewer mortgages being processed. When lenders have fewer loans to deal with, they have more time to give your loan the attention it deserves, which means you can close quicker and get into your new home faster.
If you want to take advantage of the benefits of purchasing a home in the fall, Rhinebeck Bank is here to help. Please visit our website or call us at (845) 454-8555, Option #3 to reach a Residential Mortgage Lender near you. Rhinebeck Bank. Member FDIC. Equal Housing Lender.