Buying a House Can Be Delightful
When the Weather Outside is Frightful.
What do you think of when you hear the word autumn? Leaves turning colors. Football is (finally) underway. Baseball is in playoff mode. Halloween. Thanksgiving. Black Friday. It’s also a great time to buy a house. Seriously. What? Fall is a great time to buy a house! Here are four fool-proof bonuses to consider when thinking of buying a home at the end of the year.
1. Open Season: No, we’re not talking about hunting—unless it’s “house hunting.” While everyone else is out shopping for costumes, turkeys, World Series tickets or Christmas and Hanukkah presents (to beat the Black Friday chaos), you could be scoping out the market with very little competition. Trend MLS data show nearly 4500 appointments for home buyers in December 2014, compared to 12,000 for May 2015. The demand for real estate spiked more than 300 percent in just five short months—house hunting in the warmer months faces much more competition than it does in winter months.
2. Tax Breaks: Let the government return some of your hard-earned money through property tax and mortgage interest deductions this year, rather than waiting an entire year. Ask one of the income tax services how much your new home might be worth in tax deductions.
3. It’s On Sale!: Everything seems to be on sale this time of year. And, chances are, you’ll find that some sellers are in the holiday spirit regarding their asking price and flexibility. The lack of bidders in the field provides buyers with a clear advantage. Sellers have one of two options, lower their asking price more than they would when there is more competition, or hold on to the house until Spring, paying all the bills in the meantime. You might even convince the seller to pay some of your closing costs. Since home buyers have much more leverage in winter, especially in December, they’re in a much stronger negotiating position than at any other time. It truly becomes a buyer’s market.
4. It’s a Party! Hold house-warming parties in tandem with holiday get-togethers. Invite friends, family and in-laws (Really? The in-laws?) to see your new, humble abode so that you can receive much needed “stuff” after you move and you won’t have to travel when the weather outside is frightful. Tell everyone how you got such a great deal on your new home through strategic planning and savvy negotiating.
For more information on buying, or selling a home in the fall, please call Jim Huckfeldt of First Team Realty Exchange at 609-433-6599 or email him at jim@firstteamrealtyexchange.com.