Tips for Buying a Home This Fall
Grab your scarves and cozy sweaters, Fall is the best time to search for your new home! Last week, we offered some helpful tips if you are looking for selling your home this Fall. Today, we want to offer some information on buying a home in the Fall.
Now it just so happens that some of the reasons that one may want to sell their home, are very similar to reasons you may want to purchase a home in the Fall. Below, see some tips to keep in mind if you are planning on purchasing a home this Fall.
Less Competition
The Spring and Summer markets tend to be a bit crazier than the rest of the year. If you thought about buying a house earlier this year, you may have noticed that homes were flying off the market and often were involved in multiple offers. Generally, the Fall and Winter market tends to slow down a bit. This may decrease the chance that you may be involved in a multiple offer situation creating a little less competition with other buyers in the market.
Flexibility with Transaction Time
Sellers are usually just as motivated as you are during this time! That means that the flexibility in transaction time may be greater. As long as everything can be processed properly, you could have a shorter transaction time if you are eager to get into your new home before the holidays, or lengthen the time slightly if you are selling your own home. Being flexible with the seller will help create a more pleasant transaction experience and make the time fly by no matter the timing from writing the contract to closing!
Furnish Your New Home
Deals, deals, deals! If you need new furniture to decorate your brand new home, end of the year is a great time to do it! End of the year deals may help cut the expenses on what could be costly new items.
If you happen to have most of the items for your new home, you still need to move your items. Whether you are scheduling movers, or a truck to do it yourself, Fall is a great time to hire these services. Because the market generally slows down during this time of year, it may be easier to schedule movers for the time and day that you want. This is just one more item to check off the list of a successful move!
Check Exterior Conditions
With the beautiful falling leaves and nature preparing for winter, home exteriors are often more exposed than they are during the Summer. While it's wonderful to see homes in the full bloom of summer, in Minnesota, we frankly have long winter months. It's beneficial to see what the home looks like without the foliage, as well as gives you the opportunity to inspect items like foundation areas, siding, and gutters. These are just as important as the interior of the home, so make sure to take some time to inspect this when you are picking out your dream home!
Tax Break
If you close on your home by the end of the year (December 31st), the property taxes and mortgage loan interest are tax deductible. This can affect your overall yearly taxes by either reducing the amount you owe, or increasing the amount you get back for the year. Who wouldn't be happy about that?
If you have any questions about buying a home in the Fall, please feel free to reach out to us! We would love to help you in any way we can!