Buying a Home in Fall
Real estate markets often slow down a bit in autumn, after the busy spring and summer seasons. Here’s why buying a home in fall is often a good idea.
Leftover Inventory = Deals for Buyers
In the spring, many home sellers tend to go on the market for the first time. They often list their homes too high in the beginning, which could result in a series of price reductions during spring and summer. Sellers know they have fewer chances of capturing buyers after Labor Day. And so, by October, buyers often find desperate sellers and prices that may, in fact, be below a home’s true market value.
There’s Less Competition
By fall, families who want to be in a new home by the beginning of the school season are no longer shopping, which means less competition. Removing an entire segment of the housing market gives Millennial, single, and Baby Boomer buyers more breathing room. You’ll likely notice fewer buyers at open houses, which could signal a great opportunity to make an offer.
Motivated Sellers Want to Close Before the Year’s Up
A home is where an owner lives and makes memories. It’s also an investment with tax consequences, so a home seller may want to take advantage of a gain or loss during the current tax year. Buyers may find homeowners hoping to make deals so they can close before December 31st and get that tax benefit.
Also, as the holidays approach, the last thing a homeowner wants is for their sale to drag on and interrupt their parties and events. If a home hasn’t sold by Thanksgiving, the seller is likely motivated to get the house sold and be done with it.
Many Homes Lose Some Curb Appeal
The best time for a property inspection is in the rain and snow, because the home will be truly exposed for buyers. The same holds true for fall when flowers die, trees shed their leaves, and beautiful landscapes are no longer lovely. In other words, a home’s flaws are more obvious this time of year, which helps you get a more accurate picture of what you’ll be buying.