We are often asked if the fall or winter is the right time of year to buy a house or should a buyer just wait around till the springtime. We have outlined 5 reasons that now is a great time to buy.
This is part of an on-going series of real estate articles by Nick Santoro and Joe Santoro of Personal Property Managers who service Pennsylvania and New Jersey and specialize in real estate, home content downsizing, property management and estate sales.
Fall is here and the days are getting shorter; however, the benefits of buying a home continue to grow. The real estate market reflects the seasons – when the flowers and sunshine appear in the spring, the market starts hopping; and when the days get cooler and leaves start to change, the market starts to slow. A slower market is good for buyers, and here are five reasons why.
1. Price reductions from leftover spring inventory.
Spring is a common time for homes to go on the market. Sellers often list their homes too high to start, which results in a series of price reductions over the next few months. Generally, after Labor Day, sellers’ chances of capturing spring buyers begins to diminish. However, in the fall, buyers are likely to find sellers who are more motivated to sell, which may result in reduced prices, which may be below spring market value.
2. Less is better. There are fewer buyers on the market.
The coming of fall means back to school, sports and extracurricular activities. Families who are in the market for a new home usually aim to be settled by the beginning of the school season, which means they may remove themselves from the market in the fall and winter months. Fewer buyers competing against one another with means more opportunities for bargain buyers.
3. Tax advantages of closing before the end of the year.
A home is a major investment. Therefore, it has tax consequences. If homeowners want take advantage of capital gains or losses during this tax year, they will be motivated to sell. When shopping around, buyers should ask sellers if they are willing to make a deal if closing is before December 31st. Buyers will likely find many sellers eager to do so to get those tax benefits.
4. It’s a hassle for sellers to show a home during
The holidays bring gift giving, cooking, cleaning and entertaining. The last thing sellers want to worry about during this busy time of year is selling their homes and keeping it spotless for possible spur of the moment buyers. If homes are still sitting on the market come November, the homeowners are likely very motivated to sell before the hustle and bustle of the holidays begins.
5. Buyers will see a home’s true colors.
Once a homes pretty landscaping fades in the winter and fall, and the rain and snow set in, a home is truly exposed. Fall and winter are the best times for property inspections, as the weather reveals home flaws. It’s better to see these flaws before making an offer instead of getting unwanted surprises months after closing.
Please contact us for more helpful insights into the real estate market; buying or selling a property, home downsizing, estate sales and property management, please give us a call.For more information on real estate or home downsizing please contact Nick Santoro or Joe Santoro of Personal Property Managers at 215-485-9272 or 908-368-1909. Personal Property Managers specializes in helping home owners transition from their home of many years into a new community. Personal Property Managers services Pennsylvania and New Jersey and offers downsizing services, estate sales services, home staging, discount full service real estate services via its association with EveryHome Realty. Learn more about Personal Property Managers from our recent News Stories.