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Traditionally, spring is considered the peak season in the New York real estate market. Families with school-aged children find it less disruptive to move over the summer. Spring is also when people are eager to get outside, and properties usually look their best. On the flip side, however, there are several good reasons for homebuyers to hold off until fall.
Seasonal fluctuations often dictate real estate market activity, and the unique characteristics of fall can make it an excellent time to buy a new home. The onset of winter months and the return of a regular schedule for most buyers can make many people reluctant to make the big move. This can leave savvy home shoppers with the opportunity of finding motivated sellers and lower housing prices.
Sellers are MotivatedSellers are Motivated
If they weren’t, they’d hold off until spring since April is the best month to sell a home. By fall, sellers who were “testing the waters” with a listing in prime selling season are either eliminated or are now serious sellers.
These motivated sellers often want to get things settled before the end of the year, completing their move before the holidays. Living “in limbo” for several months can be exhausting and provides another motivating factor.
The longer a house or apartment has been on the market, the more likely a seller is willing to negotiate on everything from price to closing costs to move-in dates.
Needed Changes and Upgrades May be CheaperNeeded Changes and Upgrades May be Cheaper
If you are purchasing a home that needs new carpet, paint, appliances, or other upgrades, buying in the fall may save you money beyond the home’s purchase price. Many of these items are at their lowest prices in the fall. According to Consumer Reports, September is the best time to buy paint and carpeting and the best time to purchase major appliances is in November and December.
With careful negotiation, you may be able to get price concessions from the seller on cosmetic issues like worn floors, carpeting, faded wall paint, or outdated appliances that exceed the cost of the upgrades, saving money on the price of the house and getting brand new paint, carpet and appliances at the same time!
September and October are the best time to buy lawnmowers and tractors. The savings can add up, leaving you with more cash to cover other expenses. Additionally, September is the best time to get deals on snow blowers and outdoor plants, shrubs, flowers, and trees.
Cheaper HousesCheaper Houses
When fewer buyers are around, sellers sometimes decide to lower their home’s asking price. That could be the case if a home has been on the market throughout the spring and summer.
By the time the fall arrives, a home seller may be ready to take a hit so that they can move on. And a homebuyer who’s waiting in the wings could score a great deal on an apartment or house.
Tax AdvantageTax Advantage
Homeowners can deduct certain expenses on their tax returns, including property taxes and mortgage loan interest. Those tax breaks may only trim a few hundred dollars off your tax bill, but every penny count. Even if you close on a home in November or December, you can still write off qualifying expenses when you file your taxes in the spring.
There’s Less Pressure to BuyThere’s Less Pressure to Buy
You might feel pressured to move fast when homes are snatched up left and right in the spring and summer. During the fall, however, you may be able to work your way through the home-buying process at a slower pace. If you don’t have to rush, you can carefully compare homes and choose the best one for you and your family.