Fall: Orlando's other home-buying season

In the traditional home-buying season cycle, buyer demand declines after the spring and summer rush to get into a new home before the start of school. The result, under normal conditions, is that fewer sellers put their homes on the market and those that do are more willing to negotiate.

However, with inventory as low as it currently is in Orlando, buyers shouldn’t expect big discounts in asking price. In fact, inventory was so low that in June 2016 there was only a three-month supply of homes in all price ranges, and a two-month supply of homes priced under $200,000. (Economists condition a six-month supply to be balanced between buyer and seller.)

This fall, Orlando buyers need to be able to both make a decision and put in a solid offer in a timely fashion just like they did during peak buying season!

The good news is that there are other benefits to buying a home during the fall. While summer homebuyers are often rushing to get into their homes before school starts, fall homebuyers can face less hurried competition from fellow homebuyers. With fewer searchers in full-on ASAP mode, fall homebuyers can spend a bit more time searching for the perfect home.

Fall homebuyers are also more likely to enjoy additional attention from Realtors as both their buyer and seller client loads lighten. At the same, service providers such as mortgage lenders and title companies are moving out of the summertime sales swamp and can often respond more quickly.

And while fewer sellers traditionally put their homes on the market in the fall, sometimes fewer choices can make it easier for homebuyers to zero-in on their top priorities when it comes to picking a home.

Finally, don’t forget that buying a home before the end of the year allows homebuyers to take advantage of the tax breaks such as:

• Mortgage interest deduction

• PMI and FHA mortgage insurance premium deduction

• Prepaid interest deduction

• Property tax deduction

• Energy-efficiency upgrade deduction

Of course there’s also the sentimental incentive: By purchasing a home in fall, homebuyers can be all settled in for the holidays!

— Orlando Regional Realtors Association