Fall is the time of the year that traditionally marks a slowdown in home sales, but the current conditions in the housing market suggest that this year's fall might be a good time to go house hunting after all.
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Sharon Voss, Realtor and president of the Orlando Regional Realtor Association, recently spelled out three reasons why she believes this fall could be a great time to buy a home in an article in HousingWire.
According to Voss, those who buy in fall are likely to face less competition – and that could be extremely advantagous for anyone who's lost out in bidding wars this summer. “Fall historically sees a decline in buyer demand that results in a willingness to negotiate among summer’s remaining sellers,” Voss explained. “However, in seller’s market conditions with limited inventory — like Orlando is currently experiencing — buyers shouldn’t expect big discounts in asking price. On the contrary, buyers need to be ready to make a decision and a solid offer in timely fashion.”
What with the reduced activity at this time of year, those who are in the market can expect more attention from their real estate agent, Voss says. Most real estate agents will see their client load start to dwindle, and that means they can devote more time to those they do have. The same reasoning extends to mortgage lenders are other service providers, who should be able to respond more quickly at this time of year.
Finally, and this could perhaps be the most compelling reason to buy in fall, buyers are likely to find better deals and possibly even year-end tax breaks. “Even buyers who missed the summer rush still have time to purchase and file for homestead by the end of the year,” Voss said. And that means they can take advantage of tax breaks including mortgage interest deductions, PMI and FHA mortgage insurance premium deductions, prepaid interest deductions, property tax deductions, and energy-efficiency upgrade deductions.
“Fall is a lovely time to purchase a new house and get settled in; there is nothing better than a home for the holidays!” Voss adds.