Buying a Home in the Fall

By: Horizon Bank Last Updated: November 15, 2012

horizon1The leaves are changing, but are home prices?

Warmer temperatures generally make for better buying as the market is more ripe with choice, and the overall demeanor of sellers is more accepting. The flipside is that more players are competing for the same properties, leaving many first-time home buyers out in the cold.

Then we move to late summer and fall. Home buying doesn’t stop during the months of September, October and November, but is it the best time of year to consider the purchase? Consider these details when buying a home in autumn, and it may work out to your benefit:

1) Hard offers help in temperate climates

There’s limited real estate price fluctuation in areas that aren’t largely affected by seasonal temperatures. Though spring is largely considered the best season to buy a home, you can still find good prices if you know where to look and concede that low-ball offers may not be as effective during this time.

2) Motivated sellers are your best friends

People selling their homes in the fall are often looking to unload the property prior to the holidays. Find these sellers and get the ball rolling. Finding an experienced real estate agent can help peg these properties.

3) Rates may be better

Because loans aren’t as in demand during the fall, you may be able to secure a better rate during this season. Discuss your options with a mortgage advisor.

4) Use the season to find maintenance issues

Put those leaves and cooler temperatures to work for you. Is the property you’re seeking to buy leak-free? Are there any problems with the insulation or gutters? Use seasonal circumstances to your advantage and find out. It could help determine if maintenance costs should play into the final price.

5) Taxes can help

Remember that if you close by Dec. 31, you’ll be able to deduct mortgage interest, property taxes and points on your income tax return for the year. This could save a lot of money.

Looking for additional insight into the fall housing market? We’d love to hear from you. Contact us at Horizon Bank today.