Why Fall is a great time to buy a house!
It’s commonly accepted wisdom that the spring is the best time to buy and sell a home. The flaw in this thinking, however, is that a lot of people think the same way. And when there are many homebuyers, there is more competition for the homes that are available. After the "covid years" we know what happens when there is increased competition in the real estate market - home prices rise! So, consider the fall market instead. Read on for reasons why the fall market is a great time to buy a home.
1. There are fewer shoppers. This cools off competition. The weeks before and after school starts are traditionally very slow in real estate. This means it is a good time to buy for people who aren't teachers or getting kids ready for school.
2. Prices tend to drop. Historical data shows that home prices tend to fall during the autumn season.
3. You’ll be able to take your time. During the fall market you won't have as much competition from other buyers. This means you'll be more likely to be able to take your time and thoroughly consider a home before putting in an offer.
4. Get a more accurate view of the home. When you see the home during the fall, you may get a chance to get a more accurate view of the home. You could see how the yard looks when the flowers aren’t blooming and the leaves have fallen off the trees. You may be able to see deficiencies in the home that the landscaping was covering during the summer. During the summer, kids aren’t in school, and families are leaving for vacation. It’s the least “normal” time of year. But fall will give you a sense of your new surroundings for the majority of the year.
5. More attention from agents, appraisers, loan officers. During the crazy market of the past few years, real estate professionals were stretched so thin and this was not great for anyone. With fewer sales happening in the fall, you’ll have more of your agent’s and loan officer’s time and attention, and home appraisers are more likely to be able to see your property sooner.
6. Flexibility on moving dates. You can’t always choose your moving date, but when you’re in a heated competition with other buyers, the seller may choose another offer because that buyer’s move-in date lined up better with their moving-out plans.No such worries in a slower market. Because the seller could be more motivated, they’ll likely be more flexible on things like the move-in date.
7. More workmen available.If your new house needs work, you’ll need a little luck finding professionals to do that during the busy spring and summer seasons. Work for the tradesman, contractors, handymen (even movers) you’ll need tends to slow up during the fall and into the winter. Meaning you won’t have to wait as long to make your new home your dream home once you move in.
You can see that it's possible the spring has an undeserved reputation as being the best time to buy a home. The truth is that every season has its own benefits. If you’re able to wait a few months, and don’t need to be settled in time for fall activities, waiting until the fall can offer you some big benefits.