Ah fall. The season of changing leaves, apple cider and pumpkin spice everything. But certainly not the time to buy a home, right? Wrong. Research shows that the last few months of the year can be a great time for a new home purchase. Here’s why:
We’ve gotten past spring fever, when more buyers want to purchase a home and move in before the summer activities start. “During the heydays of spring and early summer most homes received multiple offers from buyers desperate to get a home under contract,” said Taylor Marr, Redfin senior economist. “Easing inventory pressure is allowing home buyers to be more careful in their purchases.”
Additionally, with fewer buyers, your real estate team may have more time – making you the center of attention. All these factors can lead to a less stressful, more enjoyable home buying experience.
More negotiating power
As the number of buyers dwindles, the ration of supply and demand shifts in the purchaser’s favor. This mean you may be able to get the home of your dreams for a lower price. Additionally, if a home has been sitting on the market all summer, sellers may be drop their asking prices in hopes of parting with the property before the end of year.
Year end tax considerations can affect both buys and sellers, making year-end an attractive time to buy a home. If you purchase and close on a new home before the end of the year, you may be able to take advantage of important tax write-offs related to real estate. Depending on eligibility, these could include deductions for property taxes, mortgage interest, PMI and FHA mortgage insurance premiums and more.
And a little bonus:
One extra perk to buying in the fall? Discounts on large home appliances. Historically, home appliance deals are best between labor day and the end of the year, meaning you could snag that state-of-the-art fridge to go in your perfect new home for less than you imagined.
Are you ready to get into the home of your dreams? We want to help. At FFCCU we have wide-range of affordable loan options. And, we’re here for you to answer your questions, explain your options and get you the money you need. Plus, we can get you that loan with as little as 3% down. Contact Mike, our mortgage loan originator, and let’s talk today.