We have known through tracked statistics that Spring and Summer are the best times to sell a home. The weather is warming up and schools are out, making it the perfect time for sellers to make the move. But when is the best time for a potential buyer to purchase their picture perfect home?
Surprise! It’s the Fall season.
Reason Number 1: Reduced Home Prices
Based in the facts, October is the best month to purchase a home. RealtyTrac's analysis of more than 32 million home sales over the last 15 years, showed that on average October buyers paid 2.6% below the estimated market value.
Based in the facts, October is the best month to purchase a home. RealtyTrac's analysis of more than 32 million home sales over the last 15 years, showed that on average October buyers paid 2.6% below the estimated market value.
The median home price in Orange County per the Orange County Register was $645,000. This translates into an estimated $16,770 discount. And that's nothing to sneeze at.
Reason Number 2: Reduced Competition
Similar to the crowds at our beautiful beaches in the summer, the real estate market tends to clear out as the season turns to Fall and 'pumpkin spice everything.' The majority of summer buyers have already found a home, meaning that multiple offer situations tend to be less likely.
During the holidays, many potential home buyers will drop out of the market until after the New Year. Bear in mind, that the number of available properties may also be less, but for the right buyer…patience and perseverance could lead to home savings to be better invested elsewhere.
Reason Number 3: Motivated Home Sellers
In general, sellers who are willing to have their homes on the market post summer selling season are generally people who are motivated to sell. The key word here is leverage and it belongs to the buyer. Commonly, the longer that a property has been on the market is an indicator of how much negotiating power the buyer will have.
Reason Number 4: Year End Tax Credits
Nobody likes paying taxes, but if one of the reasons you are buying a home is for the tax benefits…you are in luck. You might be buying to make your accountant happy, but plan to buy your home before midnight on Dec 31st. Come April 15th, you may be able to get some great tax deductions, including closing costs, property tax and mortgage interest.
So that’s it folks. Four seasons in a year, four reasons to buy a home in the Fall.
Cheers!Alex
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