The fall may not historically be as busy as the spring for purchasing a home, but that doesn’t mean that buyers should go into an early hibernation. For those in search of their next home the fall can be a great time to buy.
Realtor.com has shared many reasons why the fall is a prime time to purchase.
The month of October is often the best month for home deals according to a study conducted by RealtyTrac of over 32 million home sales in the last 15 years. The report showed that in October buyers paid 2.6% below the estimated market value of the home at that time. This translates to a homeowner saving $7,800 on a $300,000 home.
Once September has arrived then the summer rush of buyers is over. Many who were in search of a home to purchase over the summer to not interrupt the school year have dropped out of the game making fall less active with fewer buyers.
Home sellers in the fall are often more motivated to sell. For some, it may just be the ideal time to move due to a job change or similar. For others, they may have had their home sit on the market since spring for one reason or another. Regardless, most sellers do not wish to have their home linger on the market for the holiday season and through the winter so they are more willing to negotiate.
Although paying taxes is unavoidable, there are deductions you can take when purchasing a home. Buyers who purchase before the end of the year may be able to recoup a nice tax deduction. You may be able to deduct property tax, closing costs and mortgage interest to offset taxable earnings.