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What’s the best time to buy a home? You may think it’s spring, but fall could be an even better time to negotiate and buy successfully. Here’s why.
Buyers and sellers are a little more motivated in the fall. Both are usually a little more serious and ready to make a move by year-end, which may make negotiating a deal a little easier for both sides. Sellers may also be more willing to negotiate a shorter turnaround, so you can be in your new home in time for the holidays.
This fall is an especially good time to buy a home, as rates continue to be near historic lows. Buying a home when the rates are low saves you thousands of dollars over the life of the loan. In addition, low rates may provide you with a little more buying power to help you get into your dream home.
There are tax benefits even if you move into your home near the end of the year. You can deduct mortgage interest and property taxes that you paid for even the last few months of the year.
Waiting until fall to start your home search may make for a faster process from start to close. Realtors, mortgage companies and appraisers typically experience a bit of a slowdown near the end of the year. With fewer consumers in the market for a home this time of year, you may find it easier to schedule a home inspector, moving company or other resource. Some buyers may also have more flexible schedules near the holidays and year-end, allowing more time to make a move and settle in over the winter.
Although there is always a large market-rush of listings in the spring, the fall market still offers a good inventory to choose from, and having fewer houses on the market may help you narrow down your choices faster. Buyers may also have access to more new builds, as some builders like to sell off their model homes before the end of the year.