Published on October 02, 2018
Written by The Servion Group
Spring and summer may be hot times for many real estate markets, but that doesn’t mean things cool off entirely once fall rolls around. In fact, buying in the fall has its own advantages. So if you have a client out there looking for a home this fall here are a few reasons why this could be a great time of year to make a move.
In most areas, there just aren’t as many buyers in the fall as there are earlier in the year. That gives fall buyers a chance to do more negotiating with the sellers, who often want to be out of the house before winter sets in. Also, when there’s less competition, you can take a little more time to think and really consider whether a particular home is right for you.
During those prime summer months, sellers might have put a bigger price tag on their home than people were willing to pay. When the house doesn’t sell at that price and the leaves are starting to turn, the sellers often become more willing deal so they can move before the snow flies. Beyond the weather, sellers can be motivated for all kinds of reasons that have nothing to do with the time of year. Job offers, family events and other things can happen any time, including fall.
Even with the tax reform package that became law in 2018, mortgage interest remains tax deductible. And property taxes remain deductible up to a point (before tax reform, you could claim a deduction for an unlimited amount of personal property taxes; now there are significant limits). So if you buy your home in the fall months you should still have a couple of months’ worth of deductions available at tax time.
Of course, none of the deductions are relevant unless you are able to itemize, and the number of people who do so will drop drastically under the new law. Why? Because the standard deduction has nearly doubled, to $24,000 for married couples filing jointly (up from $12,700 in 2017), $18,000 for heads of household (up from $9,350 in 2017), and $12,000 for singles (versus $6,350 in 2017).
In the summer months, everyone involved in the real estate business is just trying to stay afloat. Realtors, title companies, movers, inspectors – they all have more work than they can handle, which can make it tough to get appointments. But in the fall, things slow down a bit, which means it’s easier to get responses and you can get more attention and advice than you might during height of buying season.
Fall is when furniture, appliances, flooring and other major items often go on sale as manufacturers prepare for the holidays and the rollout of next year’s products. That means there’s no better time than the fall to outfit your new house with everything you need to make it your home.