Post-labor day home buying may be more budget friendly

Post-labor day home buying may be more budget friendly

Post-labor day home buying may be more budget friendly
Labor Day is often celebrated as the traditional end of summer with schools back in session, a dip in the weather and Halloween decorations hitting store shelves. And while summer is often regarded as ‘home buying season’ in the U.S., many real estate experts suggest the fall is the time to really kick off the hunt for a new home.

The autumn and winter months typically see far fewer buyers and therefore less competition for the limited homes available for sale. With fewer buyers and a decline in bidding wars, motivated sellers may be more willing to negotiate and compromise.

Tax planning for the coming year could also be a factor in the decision to purchase a home this fall. Those who purchase a property before the end of the year can deduct property taxes and mortgage interest on their 2020 returns, even if they only owned the home for a small portion of the year.

Meanwhile, homebuyers will find mortgage rates near all-time lows with conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.