If you are working with homebuyers who came up empty-handed during the busy spring and summer months, you may want to share this bit of good news with them: Purchasing a home in the fall delivers several advantages over other seasons. Here is why.
Less competition
A National Association of REALTORS® report1 showed that home sales typically spike from the spring through the summer months before decreasing during the fall. Less competition among buyers puts those still searching for homes in better positions to negotiate.
Lower prices
The same NAR report revealed that home prices typically fall during the autumn months. For many sellers, this is because they missed out on the hotter spring and summer seasons and now need to move their properties quickly. Additionally, a seller who was unrealistic about prices earlier in the year may now be more willing to reduce their asking amount.
End-of-year retail sales
A buyer who finds their dream home in the fall can spruce up their current property at a cheaper cost. According to Consumer Reports, retailers often drop their prices on grills, large appliances, and mattresses in September.2 In October,3 major retailers like Amazon, Best Buy, Target, and Walmart typically hold big sales. And November4 traditionally delivers discounts on televisions and cookware.
Moving date flexibility
During the competitive spring and summer seasons, choosing a moving date can be a difficult negotiation point between buyers and sellers. In fact, a seller may choose another offer because that buyer’s move-in date lined up better with their moving-out plans. Less competition in the fall means a seller may be more flexible with a move-in date.
Ideal conditions for improvement projects
Whether a new home needs a little TLC or a major remodeling, fall is the ideal time to undertake improvement projects. Autumn is typically slow for contractors, so they may be more willing to offer discounts or better rates. Home improvement stores often have sales on building supplies and lumber during the cooler months. Also, fall’s cooler temperatures and general lack of humidity make it an ideal time to undertake projects.
Potential tax advantages
Mortgage interest and property tax payments made before the end of the calendar year may be valuable deductions come tax return time. Of course, a buyer should always consult a tax professional to discuss their individual situation.
I hope this information benefits your clients. Here’s to a successful fall season for all of us.
1Nadia Evangelou, “Seasonality in the housing market,” National Association of REALTORS®, last updated January 2, 2019.
2Samantha Gordon, “20 products on deep discount in September, Consumer Reports, last updated September 1, 2023.
3Samantha Gordon, “10 products on deep discount in October, Consumer Reports, last updated October 13, 2023.
4Samantha Gordon, “46 products on deep discount in November, Consumer Reports, last updated November 1, 2023.
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