Fall is here and the days are getting shorter; however, the benefits of buying a home continue to grow. The real estate market reflects the seasons – when the flowers and sunshine appear in the spring, the market starts hopping; and when the days get cooler and leaves start to change, the market starts to slow. A slower market is good for buyers, and here are five reasons why.
1. Leftover spring inventory = price reductions.
Spring is a common time for homes to go on the market. Sellers often list their homes too high to start, which results in a series of price reductions over the next few months. And after Labor Day, sellers’ chances of capturing buyers lessen. Therefore, in the fall, buyers are likely to find sellers who are desperate to sell, which may result in prices below true market value.
2. There are fewer buyers on the market.
The coming of fall means back to school, sports and extracurricular activities – back to busyness. Families who are on the market for a new home usually aim to be settled by the beginning of the school season, which means they have likely exited the market. Fewer buyers to compete with means more opportunities.
3. Many sellers want to close before the end of the year.
A home is an investment, therefore it has tax consequences. If homeowners want to take advantage of gains or losses during this tax year, they will be motivated to sell. When shopping around, buyers should ask sellers if they are willing to make a deal if closing is before Dec. 31. Buyers will likely find many sellers eager to do so to get those tax benefits.
4. Homes for sale around the holidays are likely unwanted.
The holidays bring gift giving, cooking, cleaning and entertaining. The last thing sellers want to worry about during this busy time of year is selling their homes. If homes are still sitting on the market come November, the homeowners are likely driven to sell before the hustle and bustle of the holidays begins.
5. Buyers will see a home’s true colors.
Once the pretty landscaping fades and the rain and snow set in, a home is truly exposed. Fall and winter are the best times for property inspections, as the weather reveals home flaws. It’s better to see these flaws before making an offer instead of getting unwanted surprises months after closing.
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