7 Reasons to Buy a Home this Fall
Today’s post is a guest post from Kristina Brunnler of Zurple Inc.
For many industries, fall is the new spring. In fact, fall has just surpassed summer as the most popular season to get married. And for a reason! Home buyers, like newlyweds, benefit from lower prices and decreased demand in fall months. Many home buyers are reaping the benefits of less competition and increased inventory and you should too. Continue reading to learn why fall is the new spring for real estate.
1. Left Over Spring Inventory
It’s a commonly known fact that the best time to sell a home is in the spring. However, every year there are a sellers who overprice their home, leading to their eventual price reduction later in the year. Think of the fall home market as a year-end sale.
2. Less Competition
With school in session and holidays around the corner, fewer families will be shopping for homes. If you have extra time even during winter months, stay in the market. You’ll benefit from decreased demand and lower prices.
3. Increasing Prices
It’s been a seller’s market for quite some time, but prices are still expected to increase in 2018. Freddie Mac forecasts a 4.9% increase in home prices nationwide in 2018. Zillow predicts home prices for Raleigh will rise 3.8% in 2018. If you are in the market to purchase a home, it might be best to do so before 2018.
4. Sellers Are Motivated
Sellers usually have a good reason to sell if they’re doing so during an off season. These motivated sellers may need to relocate for work, move into assisted living, reap tax benefits, or move for some other reason. Either way, their motivation to sell can prompt them to lower their price more than they would have liked.
5. Tax Benefits
If you do find a home and close before the first of the year, you’ll have the opportunity to capitalize on a few year-end tax deductions. It may be in your best interest to count closing costs, mortgage interest, and property taxes towards your gross income for this year.
6. More Time
Nobody wants to spend the holidays moving. However, most individuals get extra time off during Thanksgiving, Christmas, and New Year’s. In addition, many industries slowdown in quarter four, meaning less work stress and more time to focus on purchasing a new home.
7. Milder Weather
Despite all the hoopla behind pumpkin spice lattes and sweater weather, fall temperatures aren’t nearly as cold as those in the winter. This certainly holds true for Raleigh and many other parts of the country. The cooler temperatures will make moving less difficult with cooler tempatures.
If you’re looking to purchase a home this year, don’t let the late timing stop you. There are many good reasons to purchase this fall. If you’re an agent, share these reasons with apprehensive buyer leads in your market.
About the Author: Kristina Brunnler is a real estate marketing expert. She’s currently a Marketing Specialist at Zurple Inc. Zurple is real estate lead behavioral intelligence software with a built in CRM. For more great content from Kristina, check out her posts on Zurple’s Real Estate Success Blog here.
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Ellen is the founder of Harmony Realty, a socially conscious realty company. Ellen believes in empowering her clients through education and open communication. Ellen is a number-cruncher at heart and takes great pleasure in following and analyzing the trends of the housing industry. She loves communicating the big picture to her clients and helping them to understand how the market affects their sale or purchase. Her honest and down-to-earth approach allows her clients to make informed and intelligent decisions to get the most out of their offers and negotiations.