Why Fall Is a Great Time to Buy a Home

Fissori Real Estate Central Coast Podcast

Many of our viewers have asked lately whether the fall is a good time to buy a home. I wanted to explain today why it might actually be the best time of the year to buy one.

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We've received a lot of great questions lately, so today, we wanted to answer one from a couple of viewers who were wondering whether or not the fall months are a good time to buy a home. There are actually five reasons why I think fall might be the best time to buy a home:

1. Lower home prices. October has the lowest home prices of any month. This isn't just some guess; this comes from RealtyTrac's analysis of more than 32 million home sales over a 15-year period.
2. Less competition. Like the beach after Labor Day, the summer real estate market also clears out when the days turn crisp. Most summer buyers have already bought their home, so you'll have less competition in the fall.
3. Interest rates are still at an all-time low. In 1970, the average interest rate was 8.8% and by 2000, it was 6.29%. In the 1980s, it was as high as 12%! This September, it's 3.64%, which is about as low as we’ve seen rates get.
4. The holidays are just around the corner. Not only are most sellers worn out from the summer selling season, they're caught between a real estate rock and a hard place in that the holidays are barreling down on them. If they want to move in time to host Thanksgiving dinner and put up their Christmas lights, they'll have to close fast. These are motivated sellers, so use this pre-holiday window to your advantage. Offer to let them vacate fast if they cut you a deal.
5. Year-end tax credits. Nobody wants to buy a home just to please their accountant, but on the other hand, there is a sweet added incentive for closing on a home at the end of the fiscal year. Come April 15th, you might be able to take some nice deductions, including closing costs, property tax, and mortgage interest.

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Fall real estate is like the beach after Labor Day.

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There is a lot to think about if you're going to enter the market this fall. If you work with the right Realtor plus a competent lender and accountant, you'll be fully prepared to buy the right home for you at the right price with the best tax advantages. If you need a referral for a great lender or accountant, just reach out and we'd be happy to provide it for you.

If you're thinking about buying a home this fall, give our team a call or send us an email. We'd love to help you out!