Six Reasons To Buy A House In The Fall

The end of summer typically means fewer “for sale” signs. However, whether you’re a buyer or a seller, don’t fret. This can be great news for the following six reasons:

1)      Less Competition. Fall means that school is back in session. AKA most families who wanted to move into their new home before school started have already done so.

Reason this is good news for buyers: Less homes for sale, plus less families, equals out to the same chances (or better) than you had before.

Reason this is good news for sellers: The buyers who are still in the market are typically more serious about purchasing (versus those in a rush to find a new home before August) which will make your job much easier.

2)      More money in your pocket. Those who close escrow before December 31 may get a nice write off on their taxes.

Reason this is good news for buyers: You can take deductions for your whole years’ worth of income from property tax and mortgage interest. Any payments that you have made before your closing is final are tax deductible.

Reason that this is good news for sellers: Closing costs and home improvements may be eligible for tax write offs. There is an entire list of possible write offs for sellers here.

3)      Nothing like being home for the holidays. Buying or selling in the fall means that you can sit back and relax in your nice, warm home when the winter weather and holidays hit.

Reason this is good news for buyers: Do we have to explain? You’re gifting yourself a new home for the holidays! Plus, since less people tend to move around this time, that means easier access to movers, etc.

Reason this is good news for sellers: Again, do we really have to explain? A sold home means less stress off your plate for the holidays! Check THAT off the to-do list.

4)      This one’s just right. Home prices will be more accurate in the fall than they are in the spring or summer. Since there is a smaller market for houses, prices won’t be raised due to demand.

Reason this is good news for buyers: Your chances of overpaying or having to outbid someone for your home is greatly lessened.

Reason this is good news for sellers: If you’re smart about your asking price, your home will stand out in the crowd and your chances of selling will greatly increase. Plus, gone are the days of trying to perform renovations in order to raise the value of your home. Put that hammer down and grab a cocktail instead!

5)      Fall = less burglaries. Did you know that burglaries happen more often during certain times of the year? July and August are the months during which most burglaries take place.

Reason this is good news for buyers: You can rest easy knowing your home is safer while you are moving in. It also gives you time to set up that new alarm system.

Reason this is good news for sellers: Your home is safer from theft. Again, do we really need to clarify this one?

6)      Deals and sales. Are you thinking, “we have this extra bedroom now but, no furniture for it!” Good news for both buyers and sellers: Black Friday and other holiday sales are right around the corner. Now that you’ve moved into (or sold) your warm, accurately priced, safe home, it’s time to shop and enjoy the holidays!

Give us a call when you’re ready to start the process!

Renters And Homeowners Agree: Now Is A Good Time To Buy

The share of current renters who believe that now is a good time to buy has jumped to 62 percent. That’s a two percent increase from this time last year and a 10 percent increase from last quarter.

Homeowners agree, saying that 80 percent of higher income households within the Midwest and Southern regions are optimistic about buying a house. Eighty percent of homeowners also believe that now is a good time to sell. That’s a 13 percent jump from this time last year and a five percent increase from last quarter.

So why does the housing market seem to be at somewhat of a standstill? The issue is not with the amount of buyers, but rather with the amount of homes for sale. Potential buyers are also intimidated by down payments, considering the housing market prices are incessantly rising.

However, there are reasons to remain optimistic. One reason being that the economy is continuing to improve. “Jobs are plentiful, wage growth is finally showing signs of life, home values are up considerably in the past five years and the stock market is at record highs,” says Lawrence Yun, NAR chief economist. Overall, most potential buyers think that their financial situations will improve within the next six months.

Still intimidated by rising house prices? Ask your relatives or employers. We offer loan programs that allow you to use “gift money” to buy a house. However, be prepared to provide a letter from the gift giver stating that it is, in fact, a gift, not a loan. We may also need a bank account statement from the giver.

Not comfortable with that? You can also take money from your 401k or IRA. Some accounts even let you pull this money out for free in order to use the funds as a down payment.

Our best advice? Adjust your budget. Owning a home will save you money overall, so saving extra money in the meantime will help you in the long haul.

When you’re ready to take that next step, give us a call! We can also offer advice on how to afford your dream home.