House Hunting? Why Do It During The Fall
Many real estate agents will say the ideal time to purchase a house is during the spring. While the spring does have its own advantages, you may find that the fall works out better for you. Here are several reasons to start searching for a house in September.
Spring is a month where many families move because they have kids that are about to be off for the summer. Switching homes during summer break means that there will be an easier transition when switching schools, so they start their search in the spring with hopes that it wraps up mid-summer. Unfortunately, this can lead to increased competition when searching for a house.
The market during the fall is a lot less saturated with buyers, giving you a better chance at getting the house you desire. You won't feel rushed to put in a competitive offer and can be more relaxed in the buying process.
Sellers Are Motivated
With fewer buyers looking to purchase a home, sellers are at a big disadvantage. If their home has been sitting on the market for several months, the seller will be more likely to accept a lower price to get rid of the home. Selling early in the fall also means that the sale of the home will be wrapped up before the holidays begin, which is something the seller may be looking to avoid.
You may be buying late into the year, but that doesn't mean you lose out on the tax benefits of buying a home. If you are buying points towards your mortgage, those costs will still qualify for the tax year you purchased the home in, even if you are buying the home later in the year
More Time To Save
Buying a house is a big commitment, and it will cost quite a bit of money to close on your home. Delaying the purchase until the upcoming fall means that you have more time to save up for that big down payment and closing costs. If you are close to saving up 20% in the spring, a reduced sales price in the fall and more time to save could help you easily reach 20%. This will save you money on private mortgage insurance and give you a better interest rate.
For more advantages on how to search for real estate property, speak to your real estate agent.