Why Fall is a Great Time to Buy a Home
I love the fall. The weather is not too hot, but not too cold. The leaves turn beautiful colours. Besides the natural beauty of fall, it’s also a great time to buy real estate. The spring real estate market has the reputation for being the best time to buy, but I would argue that the fall real estate market is just as good if not better.
Let’s take a look at some good reasons to buy a home this fall.
Less Competition from Buyers
When you think of the best time for buying a home, the spring real estate market probably comes to mind, but that can be a double-edged sword. While there tends to be more homes for sale, there are usually more buyers looking at homes. If you see a home you like, five or 10 other people might also be interested in it, leading to a bidding war.
With the fall, although there tends to be fewer homes for sale compared to the spring, there also tends to be fewer buyers. Less competition means that you’re less likely to find yourself in a bidding war.
Sellers are More Willing to Negotiate
Further to my last point, since there fewer competing buyers, home sellers tend to be more willing to negotiate. You’re more likely to have a seller accept your lowball offer and get a great deal on a property. And this makes a lot of sense.
What’s the season that comes after the fall? It’s the winter. If you’re selling a home, you probably don’t want to be selling in the winter. If you want to sell your home before your property is covered in snow, you’ll probably be willing to consider any and all offers from buyers.
Knowing this, if you’re a buyer this improves your chance of getting a home for a lower price in the fall and being able to include conditions like financing and home inspection in your offer to protect yourself.
Claim Tax Deductions Before Year End
Buying in the fall before the end of the year also has its advantages from a tax perspective. While tax write offs probably shouldn’t be your main motivation for buying a home, by buying a home before the end of the year, you can claim tax write offs sooner rather than later. Instead of having to wait an entire calendar year, you can claim them now. For example, if you’re a first-time homebuyer or buying a rental property, you can claim those tax deductions in only a few months instead of having to wait a year or longer.
Low Mortgage Rates
Last but not least, another reason why it’s good to buy this fall is because of mortgage rates. Although mortgage rates aren’t as low as they were during the summer, there are still some great deals to be had out there. From a historic perspective mortgage rates remain a steal of a deal.
Nobody has a crystal ball. Why not buy now and take advantage of these low mortgage rates before rates possibly head higher (and home prices, too) in the spring?
Written by Sean Cooper
Sean Cooper is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians. He bought his first house when he was only 27 in Toronto and paid off his mortgage in just 3 years by age 30. Sean’s helping others with their mortgages as an independent mortgage broker. Get in touch with him for all your mortgage needs. For a free mortgage consultation, email Sean@BurnYourMortgage.ca or call 647–867–3711.