Life happens in seasons and so does real estate. Some factors affecting real estate are constant – available inventory, interest rates, pricing, and competition – all of these affect real estate decisions. Timing also affects real estate decisions and we are entering a unique time of year.
Historically, the fall is the slowest real estate season making it a great time to buy. Why? The three main reasons are: (1) your homestead exemption, (2) end-of-year incentives, and (3) less competition.
- Homestead exemption is a discount on your property taxes on the home you live in. If you buy a home before December 31st, you’ll be able to file for your homestead exemption and get the tax savings benefit right away. You can apply for a homestead exemption up until March 1st on any home you purchased in the previous year. This is especially a benefit for new construction buyers.
- Builders of new home communities will often offer more incentives as they near the end of their fiscal year. They are more likely to increase closing costs incentives or throw in new appliances to get homes closed by the end of November and December. It has happened every fall for the last 5 years.
- Multiple-offer situations are very competitive for buyers and a delight to sellers. While we still have multiple-offer situations in the fall, we have found that there are fewer people looking at and buying homes during this season. This leads to less competition with other buyers and increased chances of our buyers getting the home they want!
If you’ve been considering buying or selling, the fall is a great time. Contact us today to see if it’s the best time for you!