Pumpkin Spice Is Not The Only Thing Nice About Fall
Pumpkin Spice Isn’t The Only Thing Nice About The Fall? According to the latest Inventory and Price Watch from Trulia, the data shows that the Fall (or from October 1st to December 31st) stands out as the best time to buy a home. Trulia’s Inventory and Price Watch is an analysis of the supply and affordability of starter homes, trade-up homes, and premium homes currently on the market. The report shows that home inventory increases nearly 7% during the Fall and list prices drop 2-5% lower than in other times of the year. The news is especially good if you're wanting to buy a starter home during the fall months, as 70 of the largest 100 U.S. metros see the highest levels of starter home inventory. In fact, for the greater Sacramento area which includes, Sacramento, Placer, Yolo and El Dorado counties, all inventory increases, but starter home inventory is up nearly 9%. So, here are six reasons to snag a home in the fall (not just a pumpkin spice latte)!
Reason No. 1: Lower home prices
October is the best month to grab a deal when buying a home. And, this isn’t just our opinion, it’s based on the analysis of more than 30 million home sales over the last 15 years. The resulting data shows that on average, October buyers paid 2.6% below estimated market value in October for their homes. For a house purchase at $300,000, 2.6% translates into a $7,800 discount. At $350,000 it equates to a $9,100 discount and at $400,000 over $10,000. The numbers obviously get better from there. According to the statistics, for an even better deal, aim for an Oct. 8th contract date when you get a home, on average, at 10.8% below estimated market value.
Reason No. 2: Less competition
Just like the beaches and campgrounds after Labor Day, the housing market clears out as the weather turns cooler. Most summer buyers have already found a home, meaning a fall buyer will have way less competition for the available houses on the market.
Reason No. 3: Exhausted home sellers
Tired sellers mean you can say hello to your little friend called leverage. Sellers who have their homes on the market in the fall are sometimes people who need to sell, which can give buyers an upper hand. And, if a home you have your eye on has been lingering on the market all summer, you may be able to make an offer the seller can't refuse. The longer a home sits on the market, the more negotiating power you have as a buyer.
Reason No. 4: The holidays are just around the corner
Not only are most home sellers exhausted after the summer selling season, they're also caught between a real estate rock and a hard place in that the holidays are coming down the pike. If they want to move and settle down in time to host Thanksgiving dinner and put up their Christmas lights, they'll have to close, quickly. So, let us help you use this pre-holiday window to your advantage by implementing our V.I.P. Home Buyer Strategy – 21 Days to Home Ownership. We could easily have you in a great home before the end of October with more than enough time to enjoy the holidays.
Reason No. 5: Year-end tax credits
Nobody wants to buy a home purely to ease their tax burden. But there's a sweet added incentive to closing on a home at the end of the fiscal year. Come the following April 15th, you might be able to take some nice tax deductions, including closing costs, property tax, and mortgage interest, to offset your taxable earnings.
Reason No. 6: Home improvement bargains
Once you close on that home you found in the fall, you may want to upgrade your appliances. Luckily, December is when major appliances—refrigerators, stoves, washers,and dryers—are at their very cheapest, according to Consumer Reports. It's also the best time of year to buy cookware and TVs. So, once you're settled in (and provided you have any money left), get ready to renovate!
We're here to help—if you want agents that will take care of you and treat you right please give us a call today at 916-838-8745 or find The Real Estate Report with Brent Gove and Robert Lewis on Facebook and message us. You can also go to www.robertlewisgroup.com. Why wait? Let us get you into that dream home now.