Home buyers are finally about to hit the sweet spot in the Colorado Springs real estate market. All Summer long, sellers have been able to “pick and choose” from several offers on their homes. Some buyers have put in offers on house after house only to be told that the seller accepted another offer.
Get ready buyers, it’s about to be your turn to get the advantage in the Colorado Springs market. Here are seven reasons why fall is the time to buy your dream home.
1. Rents are going to continue to rise in the Colorado Springs area
Rents will continuing to skyrocket in the Colorado Springs area. Rents increased 10.5% in the first quarter of 2017 over the fist quarter in 2016, according to an April 27, 2017 report in the Colorado Springs Gazette. Rents have set record highs for eight consecutive months and have increased for 29 straight quarters in Colorado Springs according to this same report. The year over year rent growth at the national level currently stands at 2.9% according to the August 2017 National Apartment List Rent Report at Apartmentlist.com. High demand and low inventory are to blame for the well above national average rental rate increase in Colorado Springs.
2. Discounted purchase price
The month of October is the best month for purchasing a home at below market value. According to Realty Trac’s analysis of 32 million home sales over 15 years, buyers were able to purchase a home on averaged a 2.6% below the estimated market value. This equates to be about a $7,800 discount on a $300,000 home.
3. Less Competition
By August, kids are returning to school for the fall and focus tends to be directed towards getting back into the swing of everyday life. There are fewer buyers looking to move during the fall season.
Sellers that decide to keep their homes on the market in the fall usually have a strong reason for doing so. If the home just hit the market the sellers most likely have a reason for listing it. Most sellers that don’t have a definite period will list in the summer to try and obtain the maximum purchase price. Those that list in the fall or keep their home on the market through the fall season are motivated to sell quickly.
5. The holidays are around the corner
This point is important for two reasons. The first and most exciting reason is this; how great would it be to celebrate the holidays in your new home with all your family and friends. All the beautiful decorations you can incorporate to make this next holiday so very special. The second reason this is important is because the sellers are going to be motivated to be out before the holidays so they can experience the same thing in their new home. Nobody wants to be in the mist of moving during the holidays. The tree just doesn’t look the same if you have to pack it up mid-season, ribbon lights and all.
6. You can get a better look at a home’s exterior issues
During the spring and summer months most sellers will have the exterior of the home looking it’s best. This is great for creating good curb appeal for would be buyers, but it could distract you from noticing the issues that may be concerning. You might be admiring the beautiful flower garden and miss the cracks in the concrete or a fence that’s in need of repair. By viewing the home in home in the fall it is easier to spots problems and exterior flaws.
7. Year-end tax credits
When you purchase a home in the fall or winter you can reduce your taxable income by taking advantage of tax deductions such as interest paid on your mortgage, property tax, and closing costs.
8. Quality time with your realtor
Realtor tend to be busier during the spring and summer months. Buying in the fall allows your realtor to offer you more of their attention and time. This is a great advantage for you. You can look at more homes over less time and your realtor will be able to guide you through every part of the process.
9. Home improvement bargains
With the extra money saved when buying your home in the fall, you will be able to indulge in other expenses to improve your new home. This is also a time when bargains can be had on items you may need for your new home. According to Consumer Reports, you can purchase lawn mowers and other lawn equipment at deep discounts in October. Computers and mattresses are also offered at discounts in October. November affords you the best deals on tools, and other home improvement items such as paint and hardware. November is also the best time to buy small kitchen appliances such as mixers, toasters, and coffee makers. Major appliances, cookware and televisions are at their lowest prices in the month of December.
10. Newly constructed homes can offer quick closings and incentives
If you’re in the market for a newly constructed home, fall can be a great time to buy. Many new home construction communities can offer quicker closings on “spec” homes or homes that have been partially or fully completed by the builder. Builders are also more likely to offer better incentives in the fall and winter months due to the slow market. During the fall and winter seasons builders often pay buyers closing costs, offer discount points, and include upgrades, such as granite counter tops.