As autumn arrives, you may look forward to dropping temperatures as well as home prices, making it a potentially great season to buy a home. Let’s take a closer look at why fall real estate transactions may be worth pursuing.

Traditionally, most people regard spring and summer — especially right after school lets out — as the optimal time to make a move. If you decide to wait, however, you might experience some advantages unique to the autumn months.

Top 6 reasons to buy a home in the fall

1. Less competition

After the busy spring selling season, home sales tend to drop off in the autumn.¹ This means fewer buyers are competing for the same properties, which can give them more negotiating power.

2. More time to buy

If you’re not trying to secure a new home before the start of a school year in competition with other eager buyers, you may have more time to carefully consider each property. Did you know that overspending and rushing the homebuying process are among homebuyers’ top regrets?² Meanwhile, the slower realty season may mean faster processing for your mortgage application and an easier time scheduling a home inspection.

3. Possible price cuts

Depending upon your target neighborhoods, sellers may be more willing to drop prices on homes that have been on the market for some time. A knowledgeable real estate agent can let you know what to expect in your market. Curious about why a home has been listed for a while? Reasons may include:

• The home is overpriced.
• Recent life changes or extenuating circumstances may be impacting the seller’s momentum.
• A buyer fell through.
• The seller needed to make upgrades.
• Interest rates were not as favorable earlier in the year.

Of course, when it comes to learning why a particular house or condominium may have been on the market for a long time, a knowledgeable realty agent can be a valuable resource to buyers. The information they can pull together from their contacts and resources can help you decide if a property is worth the investment.

4. Potential tax benefits

Some sellers may be motivated to sell a home before the end of the year to take advantage of a tax write-off on capital gains.³ Meanwhile, if you close on your new home before the end of the year, you may be able to deduct certain expenses on your upcoming tax return.⁴

For buyers, possible real estate deductions may include:

• Mortgage interest payments
• Property taxes
• Mortgage points
• Energy-efficient home improvements

5. More favorable mortgage rates

Mortgage rates tend to fluctuate throughout the year. Historically, those rates have dropped in the fall — although they’ve been more volatile than usual lately. For long-term perspective, Freddie Mac has a Primary Market Mortgage Survey⁵ for reference, with historical U.S. weekly averages that date back to 1971. And it goes without saying that when mortgage rates drop, your money may go further! So it pays to keep an eye on rates, whatever the season.

6. More time to settle in before the holidays

Moving between Thanksgiving and New Year’s Day can be stressful. By making a purchase earlier in the fall, you may have more time to get acclimated to your new home before the holiday rush. And what fun it will be to deck the halls and celebrate the season in your new home! Plus, you can add new appliances, furniture or home accents to your wish list so family and friends can gift you something you’ll love.

The takeaway

As you can see, there are many benefits to buying a home in the fall. Do keep in mind, however, that every real estate market is different — even within Central Texas — so it’s important to work with a knowledgeable real estate agent who can provide insights into the local market conditions and help you navigate the homebuying process.

Are you planning to sell or buy a Central Texas property soon? Remember that RBFCU’s preferred real estate partner, Kuper Sotheby’s International Realty, is here to help you move beyond your expectations toward an extraordinary real estate experience.