3 MIN. READ
If you didn’t snag your dream home this summer, don’t panic. Autumn is an excellent time of year to shop for a new home. Generally, the real estate season hits its peak during the summer months. However, you can enjoy a few fall perks that could save you time and money. Here are five advantages to searching for the home you want during the fall.
1. Lower prices due to old inventory
Selling a home is already a stressful process. According to a survey, 69% of sellers were worried their home wouldn’t sell in their desired timeline. Most homes are listed in the spring, so by the end of summer, sellers are burned out and many are ready to accept a lower offer. Consider the law of supply and demand. When demand is low in the fall, you have more leverage to make a lower offer.
2. Easier identification of flaws
In the summer sunshine, houses are looking their best. However, you want to see how your potential new home holds up through wind, rain and snow. Home inspectors say it’s easier to identify leaks and drafts in the fall season, saving you money on your energy bill. There’s good reason to pay attention to flaws, too. For example, a new roof can cost anywhere from $4,900 to $14,100. You’ll also get a better picture of the home’s exterior without tree leaves and flowers in the way.
3. End-of-year deadline
Your home is likely the biggest purchase you’ll ever make, and the same goes for sellers. They could be thinking of tax consequences and looking to sell by Dec. 31. As the buyer, you might also be able to reduce your tax burden if you purchase a home by the end of the year. It’s worth investigating both your possible tax deductions and the seller’s timeline.
4. Less competition and more attention on you
Families usually want to be settled into their new homes by the start of the school year. That means less competition and better prices for you this fall. In fact, one study found only 15.3% of homes sold above asking price in November. Compare that with April, when 26.4% of homes sold above list price. Also, realtors don’t take a break once the busy summer season is finished. Since there are fewer people moving in the fall, they’ll be able to give you all their attention.
5. Holiday sales
Chances are you’ll need a few items to furnish your new home. You can make your dollar stretch further with end-of-year sales. In fact, you can break it down by month. You’ll find great deals on mattresses and appliances in September. October is the time to buy outdoor furniture. Last, you can save money on bigger appliances and tools in November.
Get pre-approved first
You’ll have an edge over other buyers if you get pre-approved for a mortgage before making an offer. Contact First Centennial Mortgage for more information about how we can help find your dream home this fall. First Centennial Mortgage is licensed in Arizona, California, Colorado, Florida, Illinois, Indiana, Michigan, Minnesota, Ohio, Oregon, Pennsylvania, Texas, Washington and Wisconsin.