Fall is officially here. The leaves have started to change color, the temperature has dropped and porches are decorated with pumpkins. This is the season that has the reputation of being the “coziest” time of the year – staying in, drinking warm beverages, watching a movie and taking in all the beautiful and colorful vistas happening outside. It also has a reputation, in the real estate world, as being one of the best times of the year to buy a home.
Without trying, fall make everything feel and look more vibrant. Homes on the market look charming surrounded by colorful leaves and the crispness in the air makes it easy for buyers to point out the cozy points of houses on the market. For sellers, this is a great advantage point. However, along with this, sellers must ensure that all inspections or any underlying problems have been dealt with because fall weather can be unpredictable and really show off any issues that need to be dealt with under harsher conditions. For buyers, the cooler, wetter and unpredictable weather is actually a great time to be able to find a house, to make sure you aren’t buying one with structural or internal damage after the summer weather has passed by.
Autumn is a slow-down time in the housing market which is another great advantage for buyers. A great pool of competition usually becomes distracted and disinterested in house hunting because of the start of the school year, the abundance of autumn events, or the amount of holidays and time off. Having to go against a smaller pool of competition to be able to land your dream home makes it a lot easier. You typically can have a longer time to negotiate and think over prices, instead of having to make rapid or pressured decisions.
Since it is a slower time in the housing market, prices do tend to drop – there are typically many homes on the market (often still sitting from the spring or summer) with less interested buyers. Often times, if there are homes still sitting on the market since spring or summer, those sellers also become anxious and serious to sell which gives you and your realtor more advantages when it comes to negotiating and being able to get what you want. This reduction in buyer competition actually makes it a buyers market because home sellers really will have to ensure that they are winning over their potential buyers with a stand-out showing and great price.
Since fall isn’t exactly the most well-known and popular time to buy a home, it is exactly the reason why you should buy one during this season. If you are able to house hunt, buy (at a great price) with less competition and move in before winter holidays have even begun – that seems like a win to us!