Fall Real Estate Market
While we may have a lot of summer still ahead of us here on the Gulf Coast, timing is everything and that couldn’t be more true when it comes to the real estate market in the fall. Typically the market fluctuates according to a variety of reasons, but this year factors that may impact your chances of making a good sell are high. Below, take a look at four compelling advantages of selling your home this fall.
1. Less Competition
With demand strong and less competition, this time of the year is perfect for selling, especially if you’re hoping to move before the start of the holiday season. Listing your property during the fall means your property will have few properties to compete with and may attract more interest. There’s also less competition among sellers, which means your home won’t be lost in the crowd and will be more likely to stand out to buyers.
Lower inventory also means that you might be able to sell your house at a more favorable price since buyers have less to choose from. Buyers may also narrow down their wish list and you may not have to do as many cosmetic changes to prepare your house for a sale. Competing in a much smaller market can be a powerful bargaining tool to help you close before year-end.
2. Sellers are Serious
Not all homes on the market in fall are leftover from summer. Some people need to sell in the fall because the timing is right. With most people back at work and school, you can bet that those who are shopping at this time of year will be dedicated buyers. Chances are that those who come to view your home are in the middle of a serious house search, which could perhaps make an offer all the more likely. Over the next couple of months, serious buyers will be feeling the pressure to make their move before the holiday season hits.
3. Different Buyer Demographics
While families are more likely to make their move in the spring, millennials and empty-nesters usually are more willing to make the move later in the year. Also, employers who need to relocate their workers often wait for the fall, when the market tends to cool down. These out-of-towners will probably need to get through the process quickly, which could mean a relatively speedy closing.
4. Tax Breaks
Property tax and mortgage interest are both deductions you can take for your whole year’s worth of income, even if you closed on your home in December. The amount that homeowners pay in property taxes and interest on a mortgage may be used as deductions on your annual federal tax return. Since the amount of taxes paid when a home is purchased may be large, this can help offset taxes for the following year. And that’s just the beginning. Closing costs and home improvements may also be write-offs for sellers.
Determining which time of year to list your property is just the beginning of preparing for a sale. Reach out to one of our agents to give you an honest market assessment and key insights into the fall market here on the Gulf Coast.