Seeing fewer for-sale signs now that summer is over? That can be great news for buyers who are looking to score a new home and buyers who want to get rid of their place and buy a new one. If you think you missed the boat on making your move this year, we're here to tell you why buying and selling in the fall can work for you.
Yes, there may be fewer homes on the market, but there are also fewer buyers out there competing for the same home you want. That gives buyers an important edge. "Families on a mission to move into a new home before school starts are out of the picture," said Forbes. "Competition for houses drops off in the fall, a time many people consider to be off-season in real estate. But there are still homes for sale - and in some cases, there's just as much inventory as there was during the spring and summer."
The benefit to sellers is that those buyers who are out there tend to be more serious, which means your REALTOR® can key in on the real buyers without having to sift through the riffraff.
If you're a buyer who closes escrow before December 31, and you may get a nice write off on your taxes. "Property tax and mortgage interest are both deductions you can take for your whole year's worth of income, even if you closed on your home in December," David Hryck, a New York, NY tax adviser, lawyer, and personal finance expert told Realtor.com. "Any payments that are made prior to the closing of the loan are tax-deductible. This can make a serious difference in the amount you owe the government at the end of the year."
There are also potential tax breaks for home sellers. "You can include all sorts of selling expenses in the cost basis of your house," said The Balance. "Increasing your adjusted cost basis decreases your capital gain because this is what's subtracted from the sales price to determine how much of a gain - or loss in some cases - you've realized. If you have less of a gain, you're more likely to fall within the exclusion limit, and if you're gain isn't excluded, you'll pay taxes on less." And that's just the beginning. Closing costs and home improvements may also be write offs for sellers. Check out the full list here.
Home for the holidays
Buy or sell early in the fall and you could be nicely situated in your new home in time for the holidays and before winter weather hits. Moving during a calmer time of year also means you may have better access to movers and other necessary resources than during the busier spring and summer seasons.
The right price
Did you list in the spring or summer with an exorbitant number that you thought you'd have no trouble getting because it was a hot market? That's pretty common these days. Whether you've had a revelation about the price you should be asking or have made updates to your home to justify a higher price, you're probably in better shape to get your (realistic) asking price in the fall. If you're a seller and you establish a smart pricing strategy, you could find your home standing out in the crowd and selling while others sit on the market under a blanket of snow.
Buyers also may have a better time getting a home that's within their budget because when there is less competition for homes, there is less chance of bidding wars and over-asking-price sales.
Fall may be safer for buyers and sellers
Here's something you may not have thought of. "Did you know that burglars have peak seasons? They do, Sarah Brown, a home safety expert for SafeWise.com, told Forbes. "July and August are prime months for burglaries to take place. Waiting until the fall [to buy] gives you an advantage when learning about a home and the neighborhood. You'll be settled in your home and can take precautions—like setting up that new alarm system—before the next burglary season rolls around.
For sellers, less competition for your home can be a good thing if it means your home is safer from theft.
Great deals on stuff to fix up your home
Coordinate the timing right, and those items you need to fix up your home for sale in the fall or update and upgrade after a purchase might be priced to your advantage. Check Consumer Reports for a full list of the best times of year to buy everything, and keep in mind holiday and Black Friday sales. You could score some great deals at this time of year.
Vacation rentals are experiencing a surge of popularity as websites like VRBO and Airbnb make them more accessible. Guests can find a place that fits their budget, location and accommodation needs. Hosts can easily list their property.
The real challenge is creating a space which stands out and offers more than a guest could hope for. Why should they stay in your spare bedroom or pool house when they can simply instant book a hotel around the corner? What does your rental have that a hotel doesn't? Here are a few renovation ideas for turning your rental space into a destination, rather than a basic bedroom for travelers to crash. These renovations and upgrades can boost your feedback, and may even give you an opportunity to raise your rates!
1. Make getting in secure and simple.
Traveling already comes with a few frustrations. When your guests finally reach your door, entry should be a breeze to eliminate further irritation. Installing a lockbox is one of the most convenient updates you can make. With a lockbox, they can arrive whenever is convenient for them and they won't be fumbling around your porch looking for "the blue planter" where the key is hidden. They will also feel 100% more safe, knowing that you keep your keys secure rather than taking any risks hiding them.
2. Curate a comfortable place to rest.
It is very important for your paying guests to get a good night's sleep. The bedroom should be a place where they can relax and unwind after exploring the city, climbing a mountain or sitting through long seminars. You can create a relaxing bedroom with a soothing color scheme and low-fuss decor, but it will all come down to the mattress. This is where you can afford to make an investment. Visitors who wake up feeling more aches and pains than before will not be happy customers. Invest in a high quality mattress. Bedding should be attractive, durable and comfortable. This will hopefully help you achieve five-star reviews and return guests.
3. Create an oasis in the bathroom.
A luxurious bathroom can be a major selling point when a would-be traveler is flipping through property photos. This type of renovation is a great opportunity to set your space apart from any old hotel room. Create a spa-inspired area that is a getaway, not just an average home bathroom.
For more ideas, see these budget-friendly bathroom upgrades on HomeAdvisor.
4. Build an inviting outdoor retreat.
An attractive outdoor space can do a lot to secure more bookings. Vacations are often the best chance people have of getting some fresh air. When they aren't out and about, they will want an area to enjoy a morning coffee or an evening wine outside. You could go all-out and build an outdoor living space, complete with a kitchen and dining area. However, small additions like Adirondack chairs, portable firepits and a thoughtfully planted landscape can significantly improve your property's appeal. Be sure to highlight these outdoor spaces in your photo gallery.
5. Cook up a new kitchen plan.
It is well worth it to upgrade your kitchen, especially if you're going to have frequent guests. Easy-to-use, modern appliances make for less confusion. Many of today's travelers are used to the convenience of having a dishwasher, a fridge with an icemaker, a toaster oven and an efficient microwave. If they don't know how to use the appliances in your kitchen, they're going to have a tough time saving money on food—one of the many benefits of renting a home.
Aside from providing the right appliances, you can increase your appeal by upgrading outdated cabinetry and replacing inexpensive countertops with granite. Granite can be deceptive in its beauty--it is also extremely durable, low-maintenance and resistant to heat. An investment in granite is a lasting one that may benefit both your rental appeal and even resale value.
Any of these improvements can make your property more appealing to vacationers, whether you're renting out a whole house, a single bedroom, or a mother-in-law suite. Spend some time in your rental to see where you could make renovations. Is there a place to relax outside? Are there any tricky knobs on your oven? Remove minor inconveniences and make your property as accessible as possible for maximum appeal within your rentable space.
The Wells Fargo building on the Denton Square has loomed there since 1963, like a chaperone over the shenanigans that take place on the blocks below. In 2018, the top floor of that building will transform into its own hangout: a restaurant with the best view in town.
From up there on the eighth floor, you can see the TWU and UNT campuses. You can look way out and spot Frisco. Up close, the Denton County Courthouse on the Square feels like you could almost give it a high five.
The restaurant will be called the Sunago Bell. Two meanings: "Sunago," in Greek, translates to "to gather together." And Bell is the last name of the landlord, Jack Bell, and also a design inspiration: The partners in the project plan to utilize bells in the decor — without covering up those floor-to-ceiling views, of course.
When John "Sparky" Pearson heard the penthouse of the Wells Fargo building — the tallest privately owned office building in Denton — was available for lease, he and his team made a forceful pitch to nab yet another dining spot in the Denton Square, he says.
"He knew we could love on it and make it cool," Pearson says when they got the lease. (Bell wasn't immediately available for comment.)
Bell initially planned on the space being an events venue when he finalized the purchase of the property in May. The first floor will stay Wells Fargo, even in the new restaurant plans. The floors between will be converted into office space and apartments, based on demand.
"Simple, light, clean, fresh," are words he uses to describe the food.
The restaurant will seat about 150 people up on the eighth floor, and the Radical Hospitality team plans to build a skybridge out to the elevator shaft to create a dramatic, on-high effect. Down on the third floor of the same building, the team plans to build a private event space that can hold several hundred people, with a bar. From up on the eighth floor, diners on the east side of the Wells Fargo building can look down and see the third-floor space.
"Think: You're in New York, looking down on a rooftop deck," Pearson explains.
It'll be late summer or early fall 2018 before the Sunago Bell opens, Pearson says. There's nothing much to see up there today except a bunch of wires and some dark-wood office furniture, pushed to the side. Well, and the view.
The best seat in the restaurant will be in the northwest corner, where folks in Denton County might just find the most beautiful spot for a sunset.
Two restaurants, an apartment complex and four other businesses were announced as the next occupants of Rayzor Ranch Town Center, a development on the south side of West University Drive, according to a press release issued Monday by RED Development.
Cheddar's Scratch Kitchen and Zoës Kitchen will be open next summer, with construction starting this year. Cheddar's, a national restaurant with a classic American menu such as burgers and steaks, will be in its own building space of 7,500 square feet. Zoës Kitchen is a fast-casual Mediterranean restaurant based in Plano. It's unclear whether it will have its own building or be part of a strip complex.
Construction of the apartment complex will start early next year. EPC Real Estate Group now owns the 11 acres on which the complex will be built, and it will be called the Villages at Rayzor Ranch. Plans include 292 luxury apartments, ranging from studios to two-bedroom units, a dog park, resort-style pool, cabanas and exercise facilities.
Additionally, Massage Envy and Brain Balance were part of the announcement. Massage Envy, a national chain that offers massages and other therapies, is set to open in summer 2018. Brain Balance, a center to help children with issues such as academic and social problems, will open in October.
The company also formally announced two projects that have already been announced in other ways: A Rooms To Go that will open in this spring and Andy B's Entertainment and Bowling Center, set to open in fall 2018. Rooms To Go, a furniture retailer, will be 40,000 square feet and Andy B's, an entertainment complex with laser tag and games, will be 41,000 square feet.
Bright neon lights swirl. Carnival rides twist and turn. Crowds cheer in the rodeo arena. Music fills the air thick with hay, animals, fair food and cotton candy. It is fair week in Denton.
The North Texas Fair and Rodeo opened Friday night to thousands of fair-goers delighting in Denton's oldest and longest (nine days and nights) event of the year. For the past 89 of its documented 132-year history in Denton, the North Texas State Fair Association has produced the fair, tending and growing it from its original, local ranch-against-ranch competitions of best livestock and field produce to the award-winning, international attraction it is today.
The years of NTFR history are pocked with time's guaranteed constant: change. The city and county populations boomed. Fair fun expanded, luring more competitors from farther distances. Creative arts and photography now accompany the historically-popular domestic arts exhibits. All of these changes came with benefits and challenges.
The No. 1 benefit, aside from the fact that the fair just keeps getting better with age, is the amount of reinvestment the NTSFA is able to put back into Denton County's youth and nonprofit organizations. What was a few hundred dollars in the early days now averages nearly $500,000 every year. Add to that the sheer economic impact of visitors and spending, and the fair's footprint on Denton is in the millions of dollars.
Top among the challenges of fair growth is physical space. In their book North Texas State Fair and Rodeo (Images of America), Nanci Kimmey and Georgia Caraway chronicle the fair's many locations through the years, moving as it outgrew space after space. In 1949, W.C. Kimbrough donated 33 acres to the NTSFA, and the fair, along with some 120 other events, have been home there ever since at 2217 N. Carroll Blvd.
It's taken strategy and creativity to preserve the NTFR's historical role while keeping it fresh and relevant at the same time within those 33 acres. A second critical challenge is manpower. Executive director Glenn Carlton, assistant director Nanci Kimmey and marketing manager Jacee Kiefer are the only full-time professional staff working with the NTSFA board members and more than 800 volunteers to make it happen.
The fair has kept evolving without making a location move in more than 68 years, a seemingly impossible feat. But winds of change are blowing once again.
Just days before the NTFR's gates opened Friday, NTSFA officials unveiled a rendering of a new 109-acre North Texas Expo Center to be constructed in north Denton at Ganzer Road and Interstate 35.
"We're probably at least five years out from reality, but it's not just a dream anymore," Glenn said. "Denton County needs this. We're not just building fairgrounds for two weekends a year. This will be a year-round venue for all kinds of events — agricultural and other — with facilities and amenities to compete with other destinations."
The rendering depicts a 45,000-square-foot expo hall with movable walls, surrounded by breakout rooms, to accommodate a large event or several smaller ones simultaneously. Also included are a concert pavilion, 1,000 horse stalls, livestock paddocks, 150 RV spaces with hookups and plenty of parking.
To put the plan into perspective, the NTFR's current 33 acres has no horse stalls. The exhibit hall is only 15,000 square feet. Set for the rodeo, the open arena seats only 2,800 people, or about 4,000 with additional stands brought in, and is susceptible to inclement weather. The new covered arena will seat 6,000 with no weather worries.
The concert pavilion will open Denton to big concert and event opportunities year-round. During the NTFR, audiences of 6,000 people now pack into the current grounds stretching from the stage in front to the midway and carnival at the back. The new covered pavilion will accommodate 10,000 under its roof.
From a destination-marketing vantage point, the North Texas Expo Center will be a big deal. While the NTFR and the North Texas Horse Country Tours have established our reputation in the agricultural world, a viably competitive venue such as this is yet another game-changer for us. It will be a whole different animal, so to speak, than the convention center, but absolutely complementary. With both venues along I-35, overflow and shared business between the two will be added value in pouring millions of new tourism dollars into our economy.
When you visit the fair this week, think about the fairground's long history. My how we've grown. Then look around and imagine acres and acres of additional space giving way to wide-open Texas fields and skies. That's our future.
It's coming, Denton, and it's going to be beautiful.
If you are ready to start your buying or selling process
give me a call at 248-225-0789 - I´m happy to answer all your questions.