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, especially in 2022, there are many surprising benefits to selling in the fall. Learn more about why, and how, to get your home ready to sell this fall.
The 2022 Market Remains Hot, With Motivated Buyers
Although the house sale market usually cools off with the weather, that is unlikely to be the case this year. Particularly this fall, all indicators are that Chicagoland’s buyers remain motivated to close a deal.
In addition, fall buyers are more likely to be serious shoppers. With winter weather and the holiday season on the horizon, the buyers who are looking in the autumn months are, by and large, more likely to bring a sense of urgency to the process. Buyers who have been looking since spring or summer may have narrowed their wish lists down to essentials, and are looking to close on a sale before winter weather makes moving treacherous. More serious buyers means more serious offers, and less wasted time and energy in the home sale process.
You’ll Stand Out In The Crowd
With relatively fewer homes on the market than the crowded summer months, your listing is more apt to stand out to potential buyers. While a great home can get lost in the shuffle in a crowded summer market, 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, leading to quicker and smoother closings.
Homes Show Particularly Well In The Fall
Autumn is a favorite time of year for many, with mild, crisp weather and fall foliage creating a beautiful natural setting that shows your home to its best advantage. Fall photos of your home can be striking, with backgrounds of changing leaves and golden light highlighting your home’s exterior features. Staging your home with fall colors, holiday elements, and lots of light can 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
Sellers who wait to sell in the fall can also take advantage of relatively lower demand for contractors and movers to 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.
While most homeowners don’t think about these costs, they can add up over time. If an inspection turns up a repair that needs to be done, it is likely to be much more affordable — and likely to be completed quicker — in the fall than in the summer, when contractors are in high demand.
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 everything we’ve experienced in the last year, our homes have never been more important. 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.