If you ask around, most people will tell you that the best time to buy a home is in the spring. However, while there may be advantages to a spring purchase, an argument can be made that the best time of year is really the fall. Not sure how that could possibly be? Here are four benefits for you to consider.
Your Competition Will Be Reduced
If you start looking for a home during the spring months, you're going to be in a very crowded market. You'll be competing with everyone who's trying to get into a new home before the next school year starts, or at least before summer ends. That means you might have a tough time getting the home of your dreams. However, when you start looking for a new home in the fall, your competition will have dwindled down to almost nothing. As a result, you'll have a better shot at finding the right home, at the right price.
Home Sellers Will Be More Motivated
During the spring and summer, sellers know that there will be stiff competition for the prime homes. That means they'll be less likely to take low offers on their homes. Unfortunately, if you're a buyer during the spring and summer, you'll probably end up paying full price for any home you choose. If you wait until fall, sellers that held out too long will be much more motivated to sell their homes, especially if they'd planned to be relocated by the holidays. To get the best deal on a house, wait until fall, when sellers are tired from a long year, and ready to get motivated.
You'll Still Get the Tax Advantages
One of the great things about the tax laws is that you can take advantage of them, no matter how long into the year you wait. Luckily, that means that even if you wait until fall to purchase your new home, you'll still get to take advantage of all the tax advantages that come with home ownership.
You Have All Year to Save for Your Moving Costs
When it comes to purchasing a new home, you'll need to be prepared for the out-of-pocket expenses that come with it. Even if you're able to purchase a home with no money down, you'll still be required to pay closing costs, which can run several thousand dollars. When you wait until the fall to buy your home, you have all year to save for those moving costs.