Fall is Still a Great Time to Buy and Sell...
Fall Is Still a Great Time to Buy and Sell...
While Spring and Summer may be the busiest time in the Real Estate Market, Fall is still a great time to buy and sell for many reasons. Especially in this type of market - it is still a Seller’s Market. Unless you have been living in a cave (in which case, give us a call!) you know that the pandemic, record low interest rates and record low inventory created a steep Seller’s Market over the past year. Fall can always be a good option for buying and selling...but especially now.
Less Competition - Since most of the Real Estate activity happens from May-August, Fall brings less competition for Sellers. That is especially true right now! With a year of already historic inventory lows, there is less competition all the way around.
Burn Out - Things have started to slow down a bit. Some of it is due to Buyer Burn Out. Either they fought the good fight through the crazy of Summer and won a multiple offer on a home and are done or they tapped out from burn out altogether. Good news is that while there is still low inventory, there also seems to be less buyers. Less buyers = less multiple offers. This makes Fall a great time to buy a home.
Pricing - While housing prices have reached all time highs, they have also started to level out. While Fall brings less competition in selling, it is also a good time for negotiating a price. Some of these Sellers tried to sell before and didn’t or are in a position of needing to sell instead of “just seeing what happens.” With less buyers looking we are also seeing less multiple offer situations. All of these create a great scenario for a buyer who is looking for a more reasonable offer.
Interest Rates - Prices are what they are and they aren’t going anywhere anytime soon. But, interest rates are still low and we don’t know for how long. Even with a higher housing price point, you can still save money if you purchase with a low interest rate. Waiting to buy could cause you to purchase at a higher interest rate, increasing your monthly payments by hundreds.
Serious Sellers and Serious Buyers - Since it isn’t the peak of the buying and selling season, most Sellers and Buyers are truly serious about selling and buying a home. This can save time, effort and make the whole process more pleasant for everyone involved.
Saving Money - Think about all the things you need to do or buy for your home to prepare it for Listing. End of the year sales can help save you a lot of money! According to Consumer Reports, the calendar determines when it’s a good time to buy all sorts of consumer goods. In particular, September is a great time for buying carpet and paint. October means lawn mowers go on sale, and appliances and cookware are cheaper in November.
Taxes - Who likes to pay more in taxes? No one. Buying a home in the Fall can help you save big when it comes to paying taxes. “Property tax and mortgage interest are both deductions you can take for your whole year’s worth of income, even if you closed on your home in December,” says David Hryck, a New York, NY tax adviser, lawyer, and personal finance expert. “Any payments that are made prior to the closing of the loan are tax-deductible. This can make a serious difference in the amount you owe the government at the end of the year.”