For today’s topic, we’re going to discuss the benefits of buying or selling in the fall or winter. Contrary to what you might think, the passing of the summer season doesn’t necessarily equate to stagnation in the market now.
There are great tax advantages to buying or selling late in the year. Buyers who close escrow before year’s end will enjoy tax write-offs that they otherwise wouldn’t receive in the new year. This can result in highly significant savings for you when tax season rolls around.
It’s not just buyers that reap the benefits of end-of-year moves—closing costs and home improvements are also tax-deductible.
You don’t have to fight the winter weather. If the frightful winter weather is keeping you from purchasing a home late in the year, it may be best to buy in the fall months. This comes with its own set of advantages that will not only allow you to dodge any unpleasant winter weather, but also to get cozy in your new home just in time for the holidays.
You’ll have greater availability to services. Buying in the fall or winter can also open up greater access to resources, such as moving services, which the influx of buyers and sellers in the spring and summertime make hard to find.
The “off-season” is anything but. Due to a higher scarcity of buyers and sellers in the fall and winter months, closing at a realistic asking price can be most easily accomplished during this window. Coming up with a good pricing strategy is sure to make your home shine brightly over the competition.
Buyers will likely see an upsurge in the chances they’ll get a home that’s within their budget, since bidding wars and homes selling above asking price are less of a factor this time of year. Competition may drop in the fall since people often consider it to be the “off-season,” but this is far from the case for a serious buyer—there seldom is a drop-off in inventory in the fall and winter seasons.
Less competition and stable inventory are highly attractive to buyers. This is mutually beneficial to both buyers and sellers because it means that a seller’s agent won’t have to wade through one non-serious offer after another.
Lastly, if you need to make some last-minute home improvements before it’s time to sell, contractors and subcontractors tend to be more available and at a lower cost with the slower pace that the fall and winter bring.
As always, please give us a call or email us with any other real estate-related needs or questions. We’d be happy to assist you however we can.