Today’s real estate market conditions including low inventory, rising home prices, and low mortgage rates have many Metro DC residents wondering if now is the time to buy. You may even be swayed by the assumption that spring and summer are the best times to make a move— but before you make the decision to stay put until warmer weather rolls back around, The Estridge Group has a few reasons why you might like to move up your buying timeline.
Prices are lower in the fall
According to a price analysis survey, taking into account millions of home sales over the last 15 years, October is the best month to find a deal on a home! Homebuyers who purchased properties during this time of year were reported to have paid 3 percent less than market value, which can translate to well over $5,000 in savings! Don’t assume that spring and summer are the only times to find the right home for you in Washington DC, Bethesda, Chevy Chase, and Northern Virginia!
You have less competition
Just as you may have assumed that the warmer months are the best times of year to make a real estate move, many others are right with you. As a result, you will have much less competition when shopping for a home during the fall! There may not be many properties to choose from, but with buyers holding tight until the new year, you have many opportunities to score a deal!
The holidays are coming up
September is already here and the holidays are just around the corner! Buyers all over Metro DC will want to settle into a new property before the family gatherings and events pick up steam. On the opposite side, sellers would like to do exactly the same! Especially if the seller has had their home listed since summer, they may be increasingly motivated to move out in time to host Thanksgiving in their new place.
The tax credit
If you purchase a home before the end of the year, you are still eligible to claim the tax credit on your next return. New homeowners will be able to take deductions like closing costs, mortgage interest and even property tax!
Fall is a great time of year to purchase a home in Washington DC, Maryland, and Northern Virginia. It’s even being called one of the best due to its lower prices, decreased competition and proximity to the holidays! Give The Estridge Group a call today for more information about buying a home in Metro DC this fall!
We’re here to help!