With the cooling weather comes a cooling real estate market. Fall (and eventually winter) is a slow season, but that makes it the best time to buy a new home thanks to several factors.
According to RealtyTrac’s analysis of more than 32 million home sales over 15 years, most people who buy a home in fall (primarily in October) pay 2.6 percent below the market value. This is a result of the slow real estate market and less competition. Sellers are usually worn out by this time and want to focus on the holidays, so at this time they are more willing to sell at a lower asking rate. Buyers also have less competition from other bids since most families are already settled in their new homes before school.
Because of the slowing market, real estate agents don’t have as many clients compared to spring and summer. That means they can give more of their time and attention to you. This is especially important for first-time buyers since you can ask as many questions about the process as possible and expect a quick response.
Getting a home in the fall still makes you eligible for all those tax breaks that come with a new home. Your mortgage interest and property taxes can be deducted from your overall income tax if you buy by December.