Fall is often considered the most popular season among Americans. School is in full swing, the weather is pleasant, and the holidays are right around the corner. While it may not seem like the most obvious time to shop for a home, for savvy buyers, fall can be a strategic time to make a move.
If you’ve been thinking about buying a home, here’s a look at the pros and cons of making your purchase before the holidays.
Pros of Buying a Home in the Fall
1. Less Competition
According to the National Association of Realtors, spring and early summer are peak homebuying seasons. By fall, many buyers have already closed on their homes or put their searches on pause. Fewer competing offers could mean better negotiating power for you.
2. Motivated Sellers
Homeowners with properties still on the market as the year winds down are often eager to sell before the holidays. This could lead to price reductions or flexible closing terms. Discuss the possibilities with your real estate agent.
3. Faster Closings
With fewer buyers in the market, lenders, appraisers, and title companies often have lighter workloads. This may streamline the process, helping you move into your home before year-end.
4. Year-End Tax Benefits
If you close on a home before December 31, you may qualify to deduct mortgage interest, property taxes, and certain closing costs on your tax return. It’s always best to consult with a tax professional, but this can be a helpful perk.
Cons of Buying a Home in the Fall
1. Limited Inventory
Because many homes sell earlier in the year, there may be fewer listings available in the fall. You might need to be more flexible about your wish list or location.
2. Weather Challenges
Depending on where you live, colder weather can make house hunting less convenient and moving less enjoyable. Snow or rain can also delay inspections or repairs.
3. Holiday Timing
Juggling a move during the holidays can be stressful. From coordinating with movers to unpacking while hosting family gatherings, the timing might feel tight. Consider your plans throughout the remainder of the year and determine if balance is possible.
Is Now the Right Time for You?
Buying a home in the fall isn’t for everyone, but it can be the perfect opportunity if you’re prepared and have the right guidance. Check out our eBook, From Dreams to Doorsteps, for additional information on getting started. Whether you’re looking to take advantage of less competition or close quickly before year-end, our team is here to help you find the happiest way home.