Buying a home is a big decision. When you finally make the choice to go from renting to purchasing a home of your own, the next question you may be asking yourself is when should you sign on the dotted line. The time of year matters when it comes to buying a home. If you are on the market for a home in Sioux Falls, your best bet is to go through with the sale in the fall.
1. Lack of Competition
In the fall, you have the best of both worlds when it comes to home-buying: low competition and good inventory. Many people purchase homes in the spring and summer months. Come fall, there is not as much activity in regards to seeking out a new home. Further, priorities shift for many home-buyers once the air starts to chill. School and family take precedence and house hunting falls to the wayside.
2. Seller Burnout
Negotiations are much easier in the fall because sellers are burnt out. If they have had their home on the market for months and have been unable to sell, they are more willing to negotiate and will likely come down in price. Further, if a home is listed in the fall, there is a good chance this is due to the seller needing to relocate for a job or for some other pressing circumstance; this means that they need to sell their home quickly and are likely to work with you on the price. In fact, studies have shown that homes purchased in the fall saw closings that were 2.6% below the home’s average full-market value.
3. You Matter More
While every client matters to a realtor, realtors are busiest in the spring and summer. They have to divide their time among their clients equally, which typically means that you have less time overall dedicated to your house hunt. This train of thought extends to mortgage lenders, home inspectors, and movers as well. In the fall, there is less competition, which means your realtor will have more time to meet your home-buying needs.
4. Holiday Sales
When you are in the market for a new home, you are likely in the market for new appliances, furniture, paint, and carpeting as well. Holiday sales (like Black Friday) are notorious for slashing prices on bigger and more costly items. You will be able to furnish your home for much cheaper than you would have been able to in the spring or summer.
If you can squeeze in your home purchase before the end of the year, you can take advantage of certain deductions come April. Everything from closing costs to property taxes and mortgage interest can be deducted.
Fall is a favorite for Sioux Falls residents for an array of reasons. Aside from the beautiful weather, delicious food, outdoor festivals, and time spent with friends and family, it is also the best time of the the year to purchase a home. With the five reasons mentioned above, it is no surprise that home buyers are urged to take advantage of all that the fall season has to offer.