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Fall has arrived: School is back in session, football season is in full swing, and preparation for the upcoming holidays and cooler weather is amongst us.

Fall also marks a great time for homebuying deals, especially in the often-overlooked month of October.

We’ll review why October is a great time to secure a home value and we’ll share some helpful tips to improve your chances of homebuying success.

Don’t miss out on the chance to purchase your dream home.


Reasons to buy a home in October

New and repeat homebuyers alike may not know that there’s a peak season for homebuying. But buyers can usually avoid competition by moving their house hunt to the fall.


Buyers market

Generally, the peak season for buying a home is during spring and summer. Many buyers tend to purchase new homes in the warm seasons rather than the cooler months. However, more buyers means more competition. During Fall, the housing market tends to shift to a buyer’s market, which can lead to more homes available to purchase and better negotiation opportunities.


Tax benefits

Depending on your local tax laws, closing on a home in October may provide you with tax benefits for the upcoming year. These benefits can include deductions for your mortgage interest and property taxes. If you itemize your deductions, you can potentially save even more than if you file a standard deduction.


Quick homebuying process

Sellers who put their homes on the market in the Fall, especially as the holiday season approaches, may be more motivated to sell. This motivation can work in favor of buyers by potentially leading to more favorable terms, openness to negotiations, and even quicker closings.


Favorable weather

Moving during the fall season can be more comfortable and less hectic. Whether you’re out house hunting or moving your furniture, you may find the process more tolerable than doing so in the rain, snow, or high temps.

Typically the real estate business is booming less in the Fall than in other months, you may find hiring movers or renting a moving truck easier.


Discounts and deals

With the end of the year approaching and holidays like Black Friday around the corner, you may be able to purchase furniture, appliances, and home-related products and services on sale or offered at discounted rates.

Determining if purchasing a home in October is the right choice comes down to your own financial situation and homeownership goals.

It’s always best to speak with a qualified and trusted lender to help you prepare for the process.

However, there are some ways to prepare yourself to get a solid home value.


Tips for buying a home in the fall

While purchasing a home in October can offer many advantages, there are other ways you can ensure you get the home of your dreams without breaking the bank.

It’s always a good idea to start with a mortgage calculator. These tools help buyers understand how much home they can afford and how much buyers will have to pay upfront for their mortgage for their down payment and closing costs.

While the amounts are only estimates and can vary from your actual loan offering, they’re a great starting point before you begin looking for a home. It can be devastating to find out that the home of your dreams doesn’t meet your financial scenario.

Consider other factors impacting a home’s value and your potential home mortgage, such as your local and national housing market trends and interest rates.

Searching for neighboring homes on Zillow or other real estate sites can help buyers see the value of homes in the area. That information may give buyers room to negotiate a better deal.

Interest rates constantly fluctuate, whether homebuying is in a peak season or not. The best way to ensure a competitive mortgage rate is to research potential lenders and see what they can offer.

Before applying for a home mortgage, you should understand your credit score and debt. With most home mortgages, your lender will assess your credit score and debt-to-income (DTI) ratio.

A low credit score and high DTI can be a deal-breaker for some lenders. However, other lenders, like The Federal Savings Bank can offer home mortgages with flexible credit score requirements.

One easy way to secure your dream home is by making your offer stand out—and you can do so without paying more money.

A pre-approval letter may serve as a means to show potential sellers you are a credible buyer because it states how much financing you can qualify for.

Pre-approvals may give buyers more purchasing power and give sellers peace of mind that there shouldn’t be any hiccups during homebuying.


How to get started homebuying

Purchasing a home can be done from the convenience of your couch—it’s that easy.

The typical process to obtain a mortgage is pretty straightforward. You can usually expect the following steps, but keep in mind that not all of the steps will be taken in sequential order or they may occur at the same time.

  • Find your home
  • Meet with your lender and obtain a pre-approval
  • Gather all necessary documentation and apply
  • Underwriting begins
  • Make an offer on a home
  • Approval or denial of your home loan
  • Sign all paperwork, pay the down payment, and close on your home mortgage
  • Become a new homeowner!


How The Federal Savings Bank can help

With The Federal Savings Bank, you can streamline the homebuying process and apply for a mortgage online.

We understand that you may have questions or concerns which is why we’ll be available to help you throughout every step of your homebuying journey.

Whether you choose a VA, FHA, conventional, or construction loan—we’re here to help make affording your dream home possible.

Additionally, we’ll ensure you have all the tools, resources, and information available, so you feel confident with every step of the process.

Home begins here. Apply with The Federal Savings Bank today.


Subject to credit approval. Terms and conditions may apply. Subject to VA eligibility requirements. Property insurance is required on all loans secured by property.

This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For more information on financial planning or investment advice, consult a registered investment advisor or financial planner. For tax advice, please consult a tax professional.

This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.