There are many advantages to buying a house in the fall. The reality is that when there are many homebuyers, there is more competition for the homes that are available. That’s why savvy home shoppers know that fall is just as great a season to buy a home as the spring – if not greater and here’s why.
There are fewer shoppers
Spring has notably been the best-selling season, not necessarily the best buying season. Sellers are anxious to get their homes on the market at the beginning of this spending spree so they can get top dollar for their home. You see, eager buyers drive home prices up. But that competition typically cools off in the fall.
If you can wait out the market and jump in after the spring and summer rush, the benefits are 100% worth it. Fewer home buyers create the next reason fall is a great time to buy …
Prices tend to drop
There are those sellers who missed out on the hot selling season and are now more motivated to get out from under their mortgage payments. As a buyer, resist the urge to assume that “leftover homes” from the spring /summer market must have a negative issue associated with it. Consider the following scenarios:
- The seller’s life is changing, and he or she needs to sell the home quickly
- The seller needed to make improvements before listing and couldn’t get them done in time
- The seller didn’t find the right buyer during the spring or the summer
- A sale fell through in the spring, and the seller had to fix the issue before relisting the home
- The seller may also want take advantage of a slower selling season, when there will be fewer comparable homes
You’ll be able to take your time
Buying a home is usually one of the biggest financial decisions you’ll make in your life. You don’t want to rush into anything, but if you’re competing with many other eager homebuyers, you may not have much time to consider a home before putting in an offer. You won’t feel that pressure during the fall.
More attention from real estate professionals
Real estate professionals are stretched incredibly thin during the crazy markets of the spring and summer. This year we saw purchase slowdowns because there weren’t enough hours in the day for the overworked appraisers to visit all the homes that needed to be appraised. With fewer sales happening in the fall, you’ll have more of your agent’s, loan officer’s and appraisers time and attention.
You can see that 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, and it’s incredibly difficult to time the purchase of something as major as a home purchase or a move.
The good news is, if you’re able to wait a few months, you may get to experience many advantages to buying a house in the fall. You can reach out to me winter, spring, summer or fall. All you have to do is call! Feel free to connect with me on Instagram and Facebook too!