Spring and summer are often hot times to buy and sell a home with a flurry of listings on the market and lots of action, offers and negotiations. However, the fall season brings a special set of homebuying perks to complement the pumpkin spice lattes and back-to-school sales.
More attention from the homebuying team
In most real estate markets, fall is a chance for members of the homebuying team to catch their breath after the busy summer season. The fall months also allow buyers better opportunities to get in touch with and receive attention from real estate agents, attorneys, mortgage lenders, property surveyors and insurance agents.
Most homes are listed for sale in the spring and summer. Many that do not sell at that time remain on the market, making the seller eager to close on their current home—and increasing the likelihood that they will negotiate on things like price, a move-in date and other details. The other scenario that can happen for fall sellers is that they have a time-sensitive need to move, and are looking to sell their home quickly. Both of these situations can put the buyer in a positive position.
Better views of the home and property
With the local fall season comes a change in weather and landscaping that can offer more revealing views of the home than when a property is in full bloom during the sunny summertime. Fall rain can expose problems like leaking roofs and repairs that need to be made. Cleared leaves and shrubs can show areas of paint or siding to be addressed, as well as potential foundation challenges. Also, bare trees can show more specific neighborhood and property views from windows and doors.
Potential tax savings
Home ownership also comes with possible income tax benefits. If you itemize your tax return, you may be able to deduct items like mortgage interest paid, real estate taxes and private mortgage insurance premiums. Even those who purchase and close on homes later in the year may see the benefits of these deductions, as many purchases require the buyer to reimburse the seller for all prepaid real estate taxes, which can be eligible for a deduction.
Faster service response
If you find your new home in need of repairs, renovations or general maintenance services, you’ll have an easier time connecting with home service companies who are also coming off of busy summer months and often looking for more work to fill this typically slower time of year.
There are so many benefits to beginning your home search in the fall months. When you’re ready to make a move, connect with The Summit Federal Credit Union Mortgage Team to get started. Together, we can help make your homebuying dreams come true.