The summer heat is still going strong here in Houston, but those cooler temps are definitely being felt by
the housing market. For three straight months, as interest rates continue to rise due to the Federal
Reserve’s efforts to stabilize an inflating economy, the total numbers of home sales have decreased,
ever-so-slightly, and along with that, home prices. Have we made the shift into a “buyer’s market”? Not
quite yet, but there are some great advantages to being a home buyer as we head into the official fall
season, including the benefit that you won’t be sweating your face off during your home tours!
Less Competition
The start of fall is typically the time of year where you see slight dips in the numbers of people actively
searching for a new home. Summer vacations come to an end, and we all need time to settle back into
our normal, everyday lives. So, for those in the market, the fall months can actually be a great time to
buy a home – with less competition, you may finally be able to get your offer in without competing
against multiple others.
Cautious Buyers Make Nervous Sellers
While home prices may still feel a bit high, based on recent trending data, buyers are being much more
cautious now that they’ll be paying a higher interest rate on their purchase. This has translated into
homes staying on the market just a little longer than they have in recent months. It’s not huge but we
are talking three weeks instead of three days, which can feel like an eternity right now for sellers and
that’s putting a lot more negotiating power into the buyer’s hands. If you’re buying a home this fall,
consider carefully crafting your offer to reflect hyper-current and hyper-local trends.
Tax Deductions
Buying a home before the end of the year also comes with the benefit of tax breaks. From the time you
purchase your home through the end of the year, portions of your property tax and mortgage interest
are tax deductible, along with many home improvements you may make.
Decorating and Upgrading at a Discount
Let’s talk decorating! The fall season is chock-full of retail discounts with holiday sales galore. Buying a
home in the fall means you’ll get to take advantage of buying all the necessities (and also just some fun
things) at cost-saving prices. And just for reference: According to Consumer Reports, October is a great
month to buy those yard tools and lawn mowers, November is the best month to stock your kitchen
with the best appliances and cookware, and December provides great home-tech discounts on TVs,
home security systems, upgraded thermostats, and wireless speakers.
Build Your Equity Now
Finally, one of the best reasons to buy a home in Houston this fall is because you will want to start
building that equity now. Statistics have shown that waiting to buy a home is rarely a smart investment
choice. In 2020 and 2021, house values appreciated at near record levels upwards of 20%. 2022 has seen
a slight shift downward since the spike of interest rates has made buyers more cautious of their
purchases, but trends are forecasting that home values will continue to appreciate in Houston
specifically as businesses flock to our neighboring counties including Montgomery, Fort Bend, and
Brazoria. Our best advice – buy today to start building equity tomorrow. And if you’re selling to buy,
latch on to what’s left of this seller’s market and take advantage of both scenarios.
Ready to find your next home in Houston? Reach out to your Steel Door agent or contact us at
[email protected] for us to match you with an agent that will work hard to make your dreams
a reality!
Written by Nicole Pepper of Steel Door Realty