4 Tips for Buying a Home This Fall

It’s that time of the year again – the leaves are falling, the seasons are changing and the grocery stores are now pumpkin-spice heaven. In the spirit of change, this might be the perfect time to embark on the search for a new street address. Spring and Summer tend to be gold mines in the real estate market with dream homes galore, but Fall’s low inventory just might have some surprising perks of its own.

1. Negotiate, Negotiate, NEGOTIATE

• Sellers this time of year may have had their home on sale all Spring and Summer long and are now more motivated to sell; OR, a seller may have simply put their house up on the slower Autumn market because they are eager to get up and going. The keywords here? Motivated and eager.
• These types of sellers give you more bargaining power than usual. The seller might need to move for their new job, or perhaps they are aching to get into the house they have finished building. If they are willing to move their kids in the middle of the school year, then you know they're serious. Sellers could be more likely to lower their prices for you in their hurry to leave, so make sure to negotiate, negotiate, negotatie.

2. Low inventory, high tax breaks

• The amount of houses on the market might be low, but that doesn’t mean your tax breaks have to be. Whether you are buying your new home in the Spring, or pushing it till the end of the year, property tax and mortgage interest are both deductions from your whole year’s worth of income in the eyes of the government.*
• Any payments you make before closing your loan are 100% tax deductible.* Hallelujah! As an added bonus, the fewer options on the market makes the job of narrowing down your top picks easier than ever.

3. Time is money

• The leaves are dying, and that might not be the only thing on its last leg. Usually homeowners do all of their house maintenance in the Fall right before the cold winter creeps in. This means that in the chaos of selling their house, they may not have gotten around to all of the maintenance for the coming winter or are purposefully leaving it for the new resident. Be sure to check the gutter drainage, yard upkeep, heating units and anything else that might have gotten neglected.
• You’ll need to consider how much time and money will be needed to ensure you’re in a fully functioning home. A house might be selling for super cheap, but just make sure the added on maintenance costs aren’t making up for the sweet deal.

4. Closing to cozy

• If you started your hunt in the Fall, then it’s a good idea to keep track of your moving timetable so you know exactly what to expect. Combined with the actual house hunt, the total process is likely to take three months minimum. If you are moving to an area with bitter winters, then keep in mind you will have to conduct your move in bitter temperatures.
• It will definitely take time to settle in and make your new house a home. Try to get a head start on your hunt so you aren’t stuck getting your hands frozen moving boxes or being delayed by inconvenient snow storms.

How to take advantage of the fall market

Whether you are a first-time homebuyer or a seasoned veteran, buying a home is a huge (and quite possibly your biggest!) investment. Considering even the smallest of things, like what season you’re in, can make a world of difference – so take care to make a well-calculated decision.

Interested in taking advantage of the Fall market?
Let us help you get started.

*Consult a tax adviser when it comes to mortgage interest deductibility.