There is a thought in the general public that Fall is not a good time to buy a home. The common reasoning is that the kids are back to school, people are too busy with school activities, sports, holidays and such and don’t or won’t have time to house shop or don’t want to uproot kids in the beginning of the school year.
Well while that is true in some areas, for most of the country Fall is a fantastic time to buy and here’s why.
First, prices drop once summer is over
Sellers who didn’t sell over the summer panic a bit and tend to lower prices in order to sell. They are worried that a slowdown in the market will mean they are stuck until next spring so they drop the price.
This gives you, the buyer, a bit more buying power than other times of the year. Plus, buying around or before the holidays is a great way to get yourself in the holiday spirit. Moving in and decorating a new home for the holidays is fun!
Another reason is getting the fantastic tax break of home ownership this year instead of waiting until next year. You can deduct mortgage interest, mortgage insurance premiums and property taxes. Also any prepaid taxes and insurance premiums paid at closing can be deducted too.
If you’re worried about owing taxes this year or if you really don’t want to wait until the spring of 2018 for the refund, buying now, in the fall, is a smart decision.
So don’t “buy” into the common wisdom that you shouldn’t buy in the fall. Fall is a great time to buy a home. So call a Realtor and get house hunting now!