By Alena KairysSep 22, 2020
Fall usually makes you think of colorful foliage, warm, spiced drinks, and carving pumpkins, but what about buying and selling a home? Fall isn’t traditionally a popular time for the real estate market, but that’s exactly why it can be your secret weapon. Here are some of the benefits of homebuying and selling in the fall.
Buying in the Fall
Spring and summer are the more popular times during the year for people to sell their homes. If a house is still on the market when fall arrives, there’s a good chance the seller will lower their asking price to attract buyers. Waiting until the fall to buy a home could save you some money; some sellers may even offer incentives for closing before the end of the year.
Even though homes arguably look their best during warmer months, viewing homes during another season can give you a new perspective. If you do a virtual tour or visit in-person, the autumn weather might make you aware of potential issues with the house that you wouldn’t have seen otherwise. Seeing the home in less-than-perfect conditions will give you a more balanced view and can help you make more informed decisions.
Who doesn’t like an opportunity to save on their taxes? Another benefit of buying a home in the fall is the potential to write off the purchase during tax season. If the purchase is made before the end of the calendar year, it can count as a deduction. Of course, NFM Lending is not a tax advisor, so you should consult with one to learn more.
Going home shopping later in the year is an ideal time to buy because you avoid the feeding frenzy of spring and summer. Trying to buy during popular times can be stressful because there’s more pressure to make an offer, and a greater likelihood of a bidding war. If you don’t want to feel rushed to make a decision, this is the perfect time to start looking!
Selling in the Fall
It can be frustrating trying to sell your home if you’re pulling half-interested buyers but no committed parties. Selling during peak times of the year often means there are more homes being sold, giving buyers more options to consider. If you want to weed out the casual players from the serious ones, consider selling in the fall—it can change the types of buyers you encounter. Keep in mind that even if you have to lower your price a bit, you can still be competitive and make a profit. You should consult with your real estate agent to find a price that makes sense in the market.
Autumn can be an inspired time to sell a home, and you can use it to your advantage when you market your home. By invoking the warmth and coziness of the season with your staging, you can create more interest from buyers by making them feel your home is the place to make happy memories. It’s also a great bonus if your location gives you the benefit of stunning autumn leaves!
Just as fall presents low competition for home buyers, the same effect can happen for sellers, too. The rush to put homes on the market has largely passed, and there are fewer homes being sold after summer. You may find you get more attention from buyers because the number of homes for sale is more concentrated.
Much like going holiday shopping after the holidays, buying and selling your home during a less popular time of the year can really pay off. Don’t feel you are limited to when you can buy or sell, as each season has its own advantages. Fall homebuyers and sellers will be pleased to find that good things come to those who wait.
If you have any questions about the home buying process, contact one of our licensed Mortgage Loan Originators. If you are ready to buy a home, click here to get started!
These blogs are for informational purposes only. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. Should you have any questions about the information provided, please contact us.