The fall time of year is not typically as busy as the spring may be for purchasing a home. However, this doesn’t mean that buyers should shelf their search for their next home. For anyone who is serious about a purchase, the fall can be a great time to buy. Realtor.com has identified four reasons why the fall is a great time to purchase.
After Labor Day weekend and once September has officially arrived then the summer rush of buyers is over. Those that were looking for a home to purchase over the summer to not interrupt the school year have usually left the game making fall have fewer active buyers.
According to a study conducted by RealtyTrac of over 32 million home sales in the last 15 years, October is often one of the best months for home deals. The report shows that in October buyers paid 2.6% below the estimated market value of the home at that time. This equates to a buyer saving approximately $7,800 on a $300,000 home.
Sellers in the fall can oftentimes be more motivated to sell. It may happen to be the right time to move as a result of a job change or similar. For some sellers, they may have had their home stay on the market since spring for a price or other issue. Whatever the reason, many sellers do not want to have their home stay on the market for the holiday season and carry it through the winter so they are sometimes more apt to negotiate.
There are certain deductions you can take once you have purchased a home. Buyers who purchase before the end of the year may be able to benefit from a good sized tax deduction. You may be able to deduct property tax, closing costs and the interest on your mortgage to offset your taxable earnings.