Since Spring and early Summer are hot home-buying months, it is a common misconception that the home-buying season “dies” once the kids are bussed back to school. This couldn’t be further from the truth. Autumn is actually considered the second best time of year to list or purchase a new home!
As September approaches, inventories that were heading downhill in the summer months begin to pick up. Sellers who have had their homes on the market all Summer grow tired. With kids in school, parents have more free time to hunt for a home or make theirs look perfect for a buyer. Prices begin to level out. Serious buyers are out looking for the perfect home to host this years’ Christmas party in.
The Autumn season offers many advantages. Take the tax advantage for example. “Although you can’t escape paying income tax, you can make a dent in what you owe when you become a homeowner. ‘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,’ says David Hryck, a New York, NY tax adviser, lawyer, and personal finance expert. ‘Any payments that are made prior to the closing of the loan are tax-deductible. This can make a serious difference in the amount you owe the government at the end of the year.'”
The end of the year is also high time for bosses to hire new staff members or relocate their current employees. Sellers in cooler climates will be more inclined to relocate before snow and ice rain on their parade. Listing your home, or beginning your home hunt, in September or October may benefit those relocating.
The back-to-school season may fool you into thinking that you shouldn’t list your home since most families find their homes before the new school year, but there are more things to consider. First off, do you have a home that accommodates families? The “typical” 3 bed, 2 bath home? If so, it may be more difficult for you to sell (however, life happens to everyone— even parents! People move their kids during the school year all the time). However, retirement community, condo, and townhome sales flourish during the Fall months.
According to New York Times, Americans are having fewer babies. It’s possible that you won’t even have a family with kids interested in your home. During 2017, 18% of homebuyers were single females and 7% were single males. This means that a quarter of all sales don’t have children in the picture!
October is a great month for you to consider as a seller. In 2016, October has surpassed June as the most popular month to get married. This means newlyweds will be looking for a new threshold to enter as man and wife!
Just like any time of year, the market will always have its pros and cons. However, if you understand the trends and have an awesome agent who can help you navigate the back-to-school season, you’ll be in that special home just in time for the holidays.
And, on the bright side, you’ll have all the end of year sales for decorating!
To view our current listings, visit us at McKillion.com.