October 19, 2017
Great Reasons to Buy a Home in the Fall
Have you been considering a dive into the homeowner pool, but think the season for shopping has passed you by? Never fear…fall can be the best time to buy a new home. Let’s look at some of the reasons autumn is a great time to “fall” in love with a great house! Do We Ever Get Tired of Talking About Tax Breaks? No, not at all! When you buy a home near the end of the year, you can turn your tax return into a gift for yourself. Mortgage interest and property taxes come right off the top of your gross income. Keep in mind that if you prepay some interest before your first payment is due, and if you close your loan before December 31, that interest can also be deducted. Seasonally Speaking… One of the most attractive seasons, fall features some of the best weather for shopping…and for moving! Temperatures tend to be moderate, making it less likely you’ll be dealing with sweltering days or a sudden cold snap. You can also be in your new home for the holidays…how convenient to combine a holiday open house with your housewarming. This can even be the case if you’re looking for new construction; many builders will have a small inventory of recently completed homes that are available for immediate move-in. If you’re looking to actually complete your move in the spring, a season that has similar weather advantages to the fall, keep in mind that most custom homes take approximately six months to complete, so a purchase completed in the fall will have you ready to go when the weather breaks again. Less Competition is Key The summer season is prime house-hunting season, so you’ll be less likely to compete with other potential buyers in the fall. Since fewer people buy in the fall and winter, the rules of supply and demand are in your favor. The low supply of homes and the high demand from buyers actually makes the spring and summer a better time for sellers. The best time for buyers is in the fall, as there are fewer buyers in the market. With fewer people looking, you’ll get premium attention from real estate professionals. Sellers may also be more open to negotiation, especially if they have inventory they’d like to clear by year end. Bargains Galore! Fall is an excellent time to find higher-ticket items every home owner needs and wants on sale. Lawn mowers, outdoor grills, lawn furniture and even swimming pools can all drop dramatically in price in the fall. Early holiday sales offer great opportunities for televisions, stereo equipment, small appliances and kitchenware. A Point of Interest… Interest rates have been inching up over the past couple of years. After all-time lows, we’re seeing slow but steady increases that you need to consider. In August of 2016, rates on 30-year mortgages averaged a record-breaking 3.55%. When the Federal Reserve decided to raise its key interest rate, mortgage rates began their slow climb. By 2019 or 2020, they are expected to climb to 6%. The sooner you buy, the sooner you lock in a rate you can not only live with…you can live more comfortably with it! At Ernest Signature Custom Homes, our aim is to provide you with the best information about the home buying process. We want you to buy with confidence and to know that you’ve made a decision that best fits your individual needs and wants. Reach out by email or call us at (912) 756-4135. We’re always here to answer any questions you may have about buying new construction in the Savannah area.