Ready to Buy? 6 Reasons to Shop for a Home in the Fall
Traditional home buying advice has always proclaimed that spring and summer are the best times to shop for a home. But that old school thinking may not be totally accurate anymore.
Advances in technology that allow real estate information, such as new listings, to be disseminated instantly to prospective buyers through mobile technology have changed how buyers view the fall season. Armed with this data, savvy home shoppers are learning that there are some distinct advantages to conducting their search for just the right home in the fall, instead of waiting for spring.
Fewer Buyers - Less Competition
One of the most logical reasons to shop for a home in the fall is to lessen or avoid potential competition with other buyers.
Fall sellers know that prospective buyers who search for a home in the fall of the year are serious about purchasing a home, so they are more willing to maximize every potential buyer offer in their effort to sell. Buyers can maximize this benefit by taking time to get loan approval, before beginning to shop.
Sellers Become More Motivated
In addition to taking each prospective buyer's offer more seriously in the fall, sellers are often more willing to negotiate important points with buyers. Faced with the possibility of carrying the home into the next year, sellers often decide to consider lower offers, accommodate special needs or work with buyer prospects in some other way that they might have been unwilling to consider during seasons with more buyer traffic.
Service Providers Have Better Scheduling Opportunities
Anyone who has ever purchased or sold a home during the busiest selling seasons of the year probably remembers experiencing delays or scheduling conflicts with lenders, inspectors, title preparers and closers. Even after the closing, it may have been difficult to find available home repair and renovation contractors, movers, carpet cleaners and other service professionals who typically work with the residential real estate industry.
Fall home buyers, however, will usually find that all or most of these professionals have more available openings with little or no waiting.
By shopping for a home in the fall and closing by the end of the year rather than waiting for spring, home buyers can enjoy a some extra deductions when they file their income taxes in April of the next year. Property taxes, mortgage interest, moving costs and some other expenses related to the purchase may be deductible and offer a noticeable savings on the tax bill.
School is in Session
Kids and home viewings are not always great combinations, especially if the kids are bored with the process or uncomfortable from the summer heat or getting into and out of the car several times. Parents who choose to shop for homes in the fall can avoid the stress of dragging unwilling kids to home viewings or having to find a sitter by scheduling home viewings during school hours.
This works very well for initial viewings when parents are trying to decide on a short list of homes to consider. Once the list has been narrowed to three or four, a return visit can be scheduled on the weekend or after school hours so kids can take part in the process of purchasing the new family home.
More Time With Your Real Estate Professional
While the best real estate agents always schedule their time with their buyer's needs in mind, they can still become harried during the busier spring selling months. By opting to search for a home in the fall, buyers will be able to enjoy even more time with their real estate agent or broker to really discuss the merits of each home they view and develop the best possible offer, when just the right home is found.
If you're ready to look for homes when autumn comes, don't wait until spring! You might just find that things go better than you originally expected.