Though spring is typically the peak season for the real estate market, autumn is actually a fantastic time to buy a home. If you are considering buying a home, here are six reasons to take the home purchase plunge in fall.
1. Less Competition
Once the summer ends, fewer people are in the market for a home. This equates to less competition and minimizes potential bidding wars. This affords autumn house hunters an edge up on their offer being accepted as well as reduces the stress of multiple bid situations.
2. Sellers More Motivated
Although there are fewer homes on the market during this time, those who are selling are highly motivated. With a reduction in the number of buyers, sellers tend to be more willing to negotiate, especially if open house and showing activity is slow and multiple offers aren’t pouring in. As such, buyers are more apt to get a great deal on a home that, six months earlier, may have sold for tens of thousands more.
3. More Attention from your Realtor
During spring and summer, Realtors are normally juggling the unique needs of multiple buyers and sellers. During fall as things slow, they have more availability and are able to devote more dedicated time and attention to their clients.
4. Interest Rates are Still Low
Though not always the case, currently mortgage interest rates are still low but rumor has it that the Fed will begin raising rates in 2016. If that is indeed the case, by the fall of next year, rates could be up half a percent or more, which equates to less buying power. If you borrow $600,000 now at an interest rate of 3.92% for 30 years, your monthly payment is $2,837 and the total cost of your mortgage is $1,021,280. If the interest rate increases just half a percent to 4.42%, that same 30 year, $600,000 mortgage will cost $3,012 a month ($175 more) and $62,917 more over the life of the loan.
5. Tax Break Advantages
If you purchase a home before the end of 2015, you are able to take advantage of the variety of tax write-offs available to homeowners. For first-time buyers, who make up approximately 25-30% of those who purchase a house during the autumn months, this is a big incentive to make a move. Mortgage interest, home owners insurance premiums and property tax deductions are just a few of the write offs afforded homeowners.
6. Home for the Holidays
What better gift is there than a house? And a significant number of buyers initiate their home search during fall for that very reason. Those buyers who purchase during early autumn generally are settled in and able to celebrate the holiday season in their new home.
If you are considering buying your first home or moving up, autumn is a great time to do so. You’ll encounter less competition from other buyers, have more buying power, be able to take advantage of tax breaks and celebrate the upcoming holidays in the comfort of your new home sweet home.
Check out this SHOW STOPPING, CONTEMPORARY MID-CENTURY MASTER PIECE at 2363 Lida Drive in Mountain View
Tucked away in the highly desired Monta Loma neighborhood of Mountain View, this show stopping home has been meticulously designed and completely rebuilt to appeal to most discriminating Buyers. Dramatic custom fencing encloses the front entrance for privacy with the original Mackey feel flowing throughout. The pivot front entry door is a towering 8 feet high and was custom made to create a feel of stepping into a contemporary, flawless marriage of “old and new” in home design and architecture. The door is a masterpiece all by itself! But wait, there’s more…Read more!