As we close out the summer we will notice some change in the market. The summer included rising home prices and limited supply, so per usual, the end of the “hot season” should be marked by a slowdown in pace.
The slower pace should present some great opportunities for homebuyers.
Homebuyers in the fall can enjoy year-end tax breaks. Buying before the year’s out allows fall homebuyers to take advantage of tax breaks such as the mortgage interest and property tax deductions. “There are certain deductions that can be claimed by homeowners only,” explains John Gregory of 1040return.com. “If you have taken out a homeowner’s loan, consider these deductions as Uncle Sam’s gift to you.”
Homebuyers in the fall can sidestep the multiple-bid minefield. Bidding wars dominated low inventory markets this summer, but competition tends to wane as activity slows in the fall. With fewer folks searching for homes, fall homebuyers can spend less time chasing supply and more time finding and getting the perfect home.
Homebuyers in the fall have more bargaining power. Aside from less competition, fall homebuyers may have the opportunity to purchase their home of choice at a reduced price, especially when negotiation with Sellers who had hoped to sell their homes over the summer.
Homebuyers in the fall will literately be home for the holidays. Fall home buying is usually fueled by emotional motivation. According to ERA Real Estate CEO Charlie Young, “As summer vacations wind down after Labor Day and people become more focused, the desire to be in a new home for the holidays is a historically strong driver of fall home sales.”
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