Happy Fall, y’all!
It’s officially the time of year when we start thinking about upcoming holidays and let summer activities become happy memories. Who isn’t ready for a little pumpkin spice?
Did you know Fall is also a great time to buy a home? Spring and summer have long carried the flag as the most popular time frame for a home search, but … surprise! … the fall is stealing thunder as the darling of the real estate industry, and there are some really good reasons:
1. October has been found to be the best month for buyers to negotiate a deal! Realty Trac analyzed more than 32 million home sales over the last 15 years, and found that October sales closed for an average of 2.6% below market value. For a buyer, on a $250,000 listing, that’s a savings of $6500! It’s not hard to think up ways to spend that kind of money.
2. There is likely to be less competition for the available inventory. While there is still a shortage of homes for sale, summer shoppers have probably already found a home and left the market (especially those with school-age children). Fewer buyers also means less likelihood of multiple offers on a property, and multiple offers can lead to a bidding war. Plus, summer buyers who didn’t find a home are more likely to drop out of the home search until after the first of the year. (based on research by National Association of REALTORS)
3. As a bonus, there may be substantial tax advantages to closing before the end of the year. Consult with your tax professional about closing costs, property taxes and mortgage interest that may be deductible, reducing your taxable earnings.
Colleen Donlevy-Burns can help you find your next home, and she is a highly-skilled negotiator. Put her to work for you by calling (407) 325-2873, then sit back and enjoy a pumpkin spice latte.