According to time.com, fall is quickly becoming the hot season for buyers. “For the first time in recent history, October surpassed June as the most popular month to get married. And these autumn-loving brides may be on to something: Although the spring months are notoriously the best time to buy real estate (as well as have a wedding), fall may be the new ideal season to buy a home.”
Among the reasons why fall is the time to buy are tax advantages, less competition and end-of-the-year sales.
Time. com spoke with tax adviser, lawyer and personal finance expert, David Hryck. Hrych advised that both property tax and mortgage interest are tax deductible on the entire year’s income regardless of closing date as long as it falls within the tax period’s calendar year. Further more, he noted, “Any payments that are made prior to the closing of the loan are tax-deductible. This can make a serious difference in the amount you owe the government at the end of the year.”
Typically, the fall brings a slower real estate season. Often this gives advantage to the buyer allowing them more confidence in making an offer without fear of a multi-offer bidding war. A slower market also allows the buyer to be more aggressive with negotiations and potentially get more for less.
As silly as it sounds, end-of-the-year sales are also a major perk of moving into a house in the fall season. A new house often needs new furniture and decor which can add up quickly. Fall buyers can take advantage of these end of season sales to help soften the blow to their pocketbook. According to Consumer Reports, big ticket home items such as lawn mowers, appliances and cookware tend to go on sale in October and November.
Buyers are also able to take advantage of Thanksgiving and winter break holidays for move in times, lessening vacation time needed. Among the tax perks, mega sales, built in time off and more, you are sure to fall in love with the idea of an autumn house purchase.