Spring is typically known as the most common time to buy or sell real estate. But with its beautiful colors, picturesque views of homes and the chill of winter coming soon behind, fall can be a wonderful time to buy or sell. Why?
1. Less Competition
“The spring market is hot,” many people will say, assuming that since most homes are on the market in the spring, that means it is the best time to list their home. However, more houses on the market can mean your home gets lost in the mix. With less competition in the fall, your house will get more attention, and command a higher price. Similarly, a buyer in the fall will find less competition from other buyers for the home of their dreams. “Fall homebuyers should consider [making] lowball offers, followed by more aggressive negotiation,” according to Time Money and Brian Davis, a real estate investor and director of education at Spark Rental. That aggressive negotiation will help both buyer and seller to meet their needs.
You will also find, in the fall season, that you are the center of attention to other providers: for instance, your loan officer, service providers, title companies, and others, meaning your needs and questions get met quickly.
2. Fall Buyers and Sellers are Serious
Real estate doesn’t happen only in the spring, it happens at all times of year. Maybe a seller had a home built over the summer and now needs to sell their current home, as Time Money writes. Buyers and sellers might be most interested in moving before the holidays and school’s winter break. For whatever reason, fall buyers and sellers are typically very motivated and serious. Says Sam Heskel, president of Nadlan Valuation, an appraisal management company in Brooklyn, NY: “that means sellers could be more open to negotiating and accepting a lower offer.” Or buyers open to offering more.
3. Fall Buyers and Sellers are Worn Out
The buyer that spent their spring (and summer) with the list of “musts” for their perfect home have now seen a plethora of houses, and are likely to be more realistic to homes with imperfections and opportunities. Likewise, sellers who set their sights and prices high early on are now most likely to have reasonable expectations and possibly even reduced prices, writes Time Money.
4. Take Advantage of Tax Breaks
According to Time Money:
First-time homebuyers, take note: Although you can’t escape paying income tax, you can make a dent in what you owe when you become a homeowner. “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.”
Discuss with your loan officer the tax and financial advantages of a fall purchase.
5. Take Advantage of Year-End Sales to Outfit Your Home
Whether your home is listed for sale, or you’re a new buyer looking to buy in the fall, there are a number of year end sales to take advantage of, including (but not limited to) Black Friday and Holiday sales. According to Consumer Reports, as Time writes, appliances and kitchenware are most affordable in November.
There is an old adage that says, “the best time to buy or sell a home is when you need to.” And the best people to have on your side are the friendly and experienced team of the Grossman Group. Call us today at (651) 434-7887 or email RLGrossman@CBBurnet.Com to discuss your needs for buying, selling, or preparing for spring.
The Grossman Group
Coldwell Banker Burnet, Highland Park
Licensed in Minnesota
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