What a wonderful Fall season we have seen so far. I love watching the leaves turn vibrant colours and Fall. Now that we are well into our beautiful Fall season, I often have friends and clients asking if Autumn is a good time to buy a home. We’ve compiled some of the best things about buying a house in the Fall and why you might want to consider a fall real estate purchase.
- Competition for houses drops off in the fall, a time many people consider to be off-season in real estate. But there are still homes for sale — and in some cases, there’s just as much inventory as there was during the spring and summer. The Autumn season means new inventory and old inventory that did not sell in the prime season. This puts you (the buyer) in a great position to negotiate. Fall homebuyers should consider making low offers, followed by more aggressive negotiation because many sellers are very motivated to sell before the holidays.
Sellers Are Exhausted and Want to Close
- Some sellers who put their homes on the market during the prime selling times of Spring and Summer might have been a tad overconfident by listing their homes for more than buyers were willing to spend. These sellers are often ready to make a deal and more inclined to take a lower offer. Remember, not all homes on the market in fall are summer leftovers. Some people need to sell in the fall because the timing is right or maybe they need to move because of a job. Either way, this means that seller could be more open to negotiating and accepting a lower offer.
- First-time homebuyers, take note: Although you can’t escape paying income tax, you can make a dent in what you owe when you become a homeowner. “Property tax and mortgage interest are both deductions you can take for your whole year’s worth of income, even if you closed on your home in December. Therefore any payments that are made prior to the closing of the loan are tax-deductible. In the Fraser Valley housing market, this is huge and can make a serious difference in the amount you owe the government at the end of the year.
- There are bound to be improvements and renovations you’ll want to make after buying a house. You’ll also probably need to buy items to maintain your home, which can sometimes be difficult after moving. September, October and November offer a lot of great sales, which can help out on your home repairs and your wallet. September is a great time for buying carpet and paint, or perhaps you will find an ‘after-summer sale’ on Patio furniture and BBQ’s. October means lawn mowers and gardening tools go on sale, and appliances and cookware are cheaper in November – just in time for the Holidays at elysianbuilt.
Happy House Hunting this Fall season. Give Gary Davies C21 a call at 604-799-3521 if you have your eye on a home and would like a viewing.