Fall weather may bring “warm” deals for buyers
If you are still in the market for a home, the approaching fall season may be just what a buyer would ask for – namely, the anticipation of falling prices. With the traditional, peak home buying season ending soon, now is the time for buyers to begin the process of finding a new place to live.
Though local weather may not be as nearly a factor as that with which the East coast must prepare for, looking for a home during the cooler days and nights is often less arduous when the buyer has an upper hand due to less overall competition for relocations. This reality is especially true for buyers that are not bound by staying pat as traditional families may be that are hesitant to relocate when school starts back.
Consider the following advantages of buying during the fall season:
Fall means less willingness to relocate
As noted briefly, traditional families with school-aged children are hesitant to move due to the inconvenience and necessity to uproot youngsters from current schools and friends. If you are a buyer that does not have to heed such concerns, purchasing a home in the fall means fewer families are out searching – and in competition with opposing offers for the home you want. This certainly bodes well for buyers as sellers who want to (or must) move are far more apt to drop prices given less overall interest – especially with the reality of impending weather concerns on the near horizon – and the property still on the market.
Vacation-home sellers may be motivated
Now that summertime has come and gone, sellers finding themselves with a lack of time and/or interest in continuing to maintain and pay for a vacation home may be highly motivated to sell. This may bode well for buyers, who have hopefully had the time to become familiar with the desired area and have consulted with a local real estate agent. If the transaction can be completed before the weather turns, then any improvements or upgrades could be finished before the traditional vacation season begins next year. This timing would also allow for rental income if a buyer so chooses. Another advantage to buying a vacation home in the fall is the ability to see what the area is truly like in the off season when year-round owners are the only residents.
Buyers get to be picky and selective
As noted above, a buyer not having to worry about children and the perceived necessity to move before the impending school year starts may be in the best position to shop for “holiday” deals. So-named “holiday” deals are those that a buyer may find if they are in fact not worried about being inconvenienced around the major holidays at the end of the year and sellers are perhaps willing to close the deal after Thanksgiving, but before Christmas. If this scenario does not pan out, a buyer not in any hurry is then simply in a position to keep shopping for the right home willing to accept the “right” price.
The current year tax season is coming to an end
With the advent of Labor Day, the year is coming to close in less than four months. Sellers who are concerned about taxes may sell to gain a larger write-off before the beginning of 2017. Remember, all mortgage loans are “front loaded,” which means that the bulk of the interest is paid in the early stages of repayment – and importantly for all homeowners, interest expense is tax deductible when an itemized return is submitted to the IRS.