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5 Reasons Why Fall is a Good Time to Buy a New Home

Oct 10 2018

Blog Image We know, we know... You're missing the amazing summer weather we had in Edmonton just a couple months back. Don't feel down just yet though as there are a lot of things to look forward to in the fall such as Thanksgiving, Halloween, the new NHL season (can't wait to see McDavid back on the ice!) and of course, the beautiful Autumn colors in Maple Crest.

But what does fall bring in terms of real estate? Well, many home buyers often tend to overlook the advantages of buying a home in the fall. While spring and summer may be one of the most popular times of the year to buy a new home, their seasonal sibling, fall, often gets blown away to the leaf pile by potential buyers.

Read on to discover why fall may be the new ideal season to buy a home.

1. Less Competition

Just like Edmonton's Accidental Beach, the housing market begins to run dry as the days looms closer to autumn. Most buyers have already found a home during the summer, meaning a buyer who is looking for a home in the fall will have way less competition to deal with. Depending on the location, there will be ample supply of home inventory available to choose from due to newer home models coming in and older home models that did not sell quite as well in the spring and summer months. While it can be difficult to find the perfect home, a little patience and perseverance could net you your dream home at an even cheaper cost.

2. Lower Home Prices and Better Value

With less competition comes lower home prices due to supply exceeding demand.
Home buyers can be sure to expect a discount compared to buying a home during the spring and summer months. Zolo's September Real Estate Trends for the year shows that the average sold price of a home in October was $368,041 compared to May which had an average of $604,970. Although these averages are largely dependent on the total number of homes being sold, it still puts into perspective the difference between a house price in the spring versus a house price in the fall.

3. Builder Promotions  

Builders will often introduce more promotions during the times when fewer people are buying and when traffic becomes more sluggish
. With the housing market calming down from the summer boom, builders will be more encouraged to continue their sales streak, so you might be able to snag some great promotions (or even your perfect home) in the fall.

4. Home Tax Incentives 

Canadian homeowners have several home tax deductions that they can claim depending on their eligibility. If you are buying a home for the first time, you are eligible for the GST/HST new housing rebate. You may be entitled to claim a GST/HST new housing rebate for a house purchased from a builder if you:

•purchased a new or substantially renovated house (building and land) from a builder;
•purchased a new or substantially renovated mobile home or a new floating home from a builder (this includes the manufacturer or vendor);
•purchased a share of the capital stock of a co-operative housing corporation (co-op); or
•purchased a new or substantially renovated house from a builder where you leased the land from that builder under the same agreement to buy the house and the lease is for 20 years or more or gives you the option to buy the land.

For more details, visit the Homeowners page 

5. Timing Is Everything

Spring and summer are typically the busiest time of the years for home builders and contractors when it comes to building a new home. Starting your building project in the fall enables you to be among the first of many who have a home ready to move into during the summer. This is especially great for families who want to get their home and kids settled before the school year begins.

Another advantage of buying a home in the fall is that the builders will have fewer projects on the table, essentially giving your new home a higher level of attention when it comes to home building. Additionally, if there are special considerations with your home, the builders can focus on those issues earlier in the year.

If you are looking at quick possession homes, you can enjoy buying in the fall since you look forward to being settled for the holidays. During this time, you'll be well acquainted with your house which will hopefully start feeling like a home to you.

Find Your New Home In Maple Crest

Browse our great selection of available homes ranging from attached garages, laned homes with detached garages and value rich duplex homes with front attached garages; an excellent selection where almost any sized family can find the ideal home for their needs at a price that comfortably fits their new home budget.