For most home sellers in the Chicagoland area, conventional wisdom dictates that the “hot” season for home sales begins in the spring and extends through the summer months. Fall is usually thought to be the season when home sales start to slow, and many Chicagoland homeowners may find themselves reluctant to put their homes up for sale. However, even in this market shift, the fall may be the best time to list your property. So don’t ghost potential buyers just yet, here are some truths about selling in the fall.
You’ll Stand Out In The Crowd
With the summer behind us, there are fewer houses on the market. Excitingly, this means your listing is going to stick out to potential buyers much easier. A great home can get lost in the shuffle in a crowded market, but savvy sellers can take advantage of the relatively lower level of competition to get a great deal done with the right buyer.
With a lower volume of sales overall, buyers and sellers are also more likely to get personalized attention from real estate agents, attorneys, closing agents, and title companies – all of which can lead to quicker and smoother closings.
Homes Look Great In The Fall
The Pinterest addict in all of us knows all too well that autumn is a great time for beautiful photos. With bright foliage and natural backdrops that wow, getting photos of your home that impress potential buyers can really be executed well. On top of that, staging your home with fall colors, holiday elements, and lots of light can be a great way to take advantage of this natural beauty and make it easier for buyers to picture life in their new home.
Repairs And Moving Costs Are Lower
We get it, inflation is on the rise and your dollar doesn’t stretch as far as it did a year ago. So why not take advantage of a season with lower demand? By the time the fall hits, there’s less demand for contractors and movers – meaning you get great deals on any necessary repairs and moving costs. Moving during the fall is also easier than moving in the hot, sweaty summer months, making the home sale and moving process much easier overall.
There May Be Tax Benefits To A Fall Sale
Fall sales can also mean potential tax breaks for home sellers. Some of the costs associated with home sales can be included in the cost basis of your home. Increasing your adjusted cost basis can decrease the capital gain associated with the home sale. In addition, some closing costs and home improvements may be tax write-offs for sellers.
Sellers who are also buying a new home see additional tax benefits. Property tax and mortgage interest paid at closing can both be deducted from your income for the year*, even if you closed on the home late in the year. For some buyers, these deductions can make a big difference on the year’s tax liability.
When Home Means More, You Need a Team With More to Offer
If you’re thinking about selling or buying a home this autumn, you need a team of experts to help you get the best deal possible in a tricky market. Buying or selling a home is a big deal, and with the current market shift, you need a team that understands your local area now more than ever.
That’s why your local Baird & Warner agent is with you at every step of the way, from finding the perfect home to connecting you with local experts in mortgage and title. Whether it’s the beginning of a story or the end of a chapter, we’re here to help.
*As always, contact your tax professional to see how these may impact your specific situation.