Is Fall the Best time to Buy a House?
If you’re serious about buying a home in Florida, fall might be the perfect time to make it happen (and not just because less people are buying). The number of new buyers drops off considerably in the fall, and touring a new home in Florida is a lot more pleasant in the fall. But it’s not just the cooler weather and less competition that makes fall the prime time to buy. Buying a home this season can bring you a much better return on your investment.
How? Here are 3 main reasons:
1. Less Competition…Better Deals!
You know what they say about the early bird, right? He gets a better closing cost on his home. That’s not exactly how it goes…but you get the idea. In the real estate world, January is the true spring. Right after New Year’s, there is a burst of new activity from people who have been waiting for the cold weather to warm. That activity builds up to a fever pitch between May and August, when most new homes are sold. There might be more new homes for sale during this time, but there are many more buyers too.
When you are a buyer, competition is not your friend.
While spring might be the busiest time in real estate, in the fall home builders and sellers offer much better deals. Many builders (including AV Homes) offer quick move-in deals and special offers in the fall and winter months. Also, holiday deals don’t end with your home. Furniture, home goods and lawn care supplies are heavily discounted before and after the Christmas season.
Why not gain a better price on your home and save hundreds on new home furnishings at the same time?
2. Get a Surprise Tax Break
While you can never escape paying your property or income taxes outright, buying a home at the end of the year might help you significantly when tax season rolls around – especially if you made more than you expected. Just ask David Hryck, a New York tax advisor, who told Money.com, “Property tax and mortgage interest are both deductions you can take for a whole year’s worth of income, even if you closed on your home in December.” According to Hryck, any payments you make on your house before the closing of the loan are directly tax-deductible. Therefore, if 2016 was a more profitable year, buying a home before December ends might help you balance things out with the IRS.
3. Shop in November for a January Move
With the market heating up, buying a home in November might mean unpacking your boxes after the new year. Why such a long wait? Well, the average closing takes about 30 days, and depending on your lender it could take longer. However, the average time it takes to find a home is about 2-3 months in the current market. It’s still a seller’s market (especially in Florida), so you have to factor your competition into the time it might take to close on your dream home.
4. Fall is The Best Time to Build
The beautiful thing about construction is that it happens year-round. In the winter, building is even better because construction crews can work twice, or even three times, as fast. Also, in Florida, the biggest threat to any building project is the dreaded rain. Pouring concrete or painting walls is put on pause when the humidity acts up. While builders have more tricks up their sleeve to combat the rainy months, less buyers and better weather will no doubt lead to a faster build on your new home. During the summer months, Florida sees between 7-9 inches of rain. Compare that to the 2-inch average rainfall from November to December, and you can see which season is best for builders, hands down.
Whether you’re looking for a new home for sale in Orlando, Jacksonville or Central Florida, the months of heat and humidity are over. This means the process of touring new properties will be much more pleasant. Add to that less competition, better weather conditions and better property deals, and fall comes out the clear winner.
Plus, who would not enjoy touring homes with their pumpkin lattes in tow and enjoying the fall decorations while they’re at it?
If you are thinking about buying a new home at the start of 2017, now might just be the perfect time to buy!