The season, month and even day or week that you buy a home can impact many different parts of the buying process, including how many options you have while shopping and how much you end up paying at closing.
Real estate markets experience seasonality, which means there are certain ups and downs we can expect at specific times, year after year. Summer tends to be the peak for the home buying market, and winter tends to be slower. Predominantly, in summer, kids are in between school years, so moving won’t disrupt their learning as much as if they were in the middle of the semester.
However, there are good, strategic reasons for buying in the fall and winter months which is why we have outlined a few reasons to consider continuing your home search over these next few months.
- Less Competition
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. You may even find that homes are easier to negotiate down to the ideal price because sellers are more motivated to sell before the holidays of Thanksgiving and Christmas.
- Sellers are Worn Out
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. After months of no action, these sellers are often ready to make a deal which usually happens in the later months of the year.
- Tax Breaks
While first-time homebuyers 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.
- End-of-Year Sales
There are bound to be improvements you’ll want to make after buying a house. You’ll also probably need to buy items to maintain your home, and if appliances weren’t part of the deal, you’ll need those too. According to Consumer Reports, the calendar determines when it’s a good time to buy all sorts of consumer goods. In particular, September is a great time for buying carpet and paint. October means lawn mowers go on sale, and appliances and cookware are cheaper in November.
- Sellers are Serious
Not all homes on the market in fall are summer leftovers. Some people need to sell in the fall because the timing is right. Maybe they were having a home built, and it’s now ready. Maybe they need to move because of a job. Regardless of the reasoning, many sellers with houses on the market in the fall tend to be serious which also means they are more likely to negotiate on price.
If you’re starting to consider whether buying a new home would be a good move for you, now is the time to start looking. Keep an eye on the housing market to get an idea of the trends in the Philadelphia region and consider reaching out to the Ian Perler Team to adjust your strategy according to those trends.
Once you make the decision to enter the home buying process, work with us to create a seamless and efficient process of selling or buying a home.