The spring and summer seasons are notorious for hot days and a hot real estate market. But have you ever considered buying a home in the fall? Potential home buyers are usually more concerned with trick-or-treating and pumpkin spiced lattes during the autumnal months, when in reality, they should be scoping out neighborhoods as fall is the best season to find the perfect property.
Fall is considered the “off-season” in real estate and in turn means less competition. Most buyers want to find a home during the summer to avoid moving districts before the school year starts, and if they don’t, they usually drop out of the market until after the new year. Buying in the fall puts you in the best position possible: less competition and a better chance of having an offer accepted without getting into a bidding war against multiple offers.
“Besides there being less competition for a buyer, there tends to be more inventory available, which affects the pricing in the buyer’s favor,” said Igor Babamovski, residential sales mortgage manager at Telhio Credit Union. “Also, fall weather means more rain and wet conditions. This is optimal for buyers because any issues such as basement dampness or roof leaks can be discovered more easily.”
Buyers also score better deals in the fall. Homes that are put on the market during this season are new or repositioned inventory that didn’t sell during the spring or summer. This means asking prices on new inventory are lower, and repositioned inventory is seeing price cuts. Sellers are more motivated during this season in order to be out before the holidays – they are ready to make a deal. Buyers are urged to go in at a lower offer and can participate in more aggressive negotiations.
Buying a house near the end of the fiscal year means more tax deductions in the following tax season. Even if you close on your home a few months shy of the new year, buyers are able to deduct property tax and mortgage interests for the entire year. Any payments made prior to the closing of the loan are tax deductible.
But before jumping into the real estate pond, buyers are advised to be well prepared, get pre-approved first, know their loan options and buying power, and hire an experienced real estate agent that is familiar with the area you are interested in buying.
Learn more about Telhio by visiting telhio.org.
Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers 10 branching offices throughout Central and Southwestern Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Equal Housing Lender. NMLS #251831