The summertime real estate season is as hot as the weather, but fall doesn’t necessarily mean the real estate market cools off too.
For the first time in recent history, October surpassed June as the most popular month to get married. And these autumn-loving brides may be on to something: Although the spring months are notoriously the best time to buy real estate (as well as have a wedding), fall may be the new ideal season to buy a home. Fall doesn’t have to be thrown to the leaf pile by potential buyers. Autumn is about more than just haunted houses and turkey dinners.
Fall is a great time to buy a home (and not just because you can browse the listings while cupping a pumpkin latte!).
First, there is less competition from other buyers, and you’ll be less likely to get into a multiple offer situation or a bidding war! Since many people consider the fall an off time to buy real estate, buyers will postpone their home search if they haven’t found their dream home by the time leaves start falling. But there are still homes for sale. Fall means new inventory and repositioned old inventory that did not sell in the spring and summer months.
This puts you, the buyer, in a great position to negotiate. Many sellers are very motivated to sell before the holidays.
Second, sellers that put their homes on the market during the spring and summer are worn out and might have been a tad overconfident by listing their homes for more than buyers were willing to spend. After months on the market, these sellers are often ready to make a deal. Sellers who were unrealistic about price earlier in the year are now ready to reduce their price to more realistic levels.
Third, sellers of new listings are serious. Not all homes on the market in the fall are summer leftovers. Some people need to sell in the fall because the timing is right for them. Maybe they were having a home built, and it’s now ready. Maybe they need to move for their job. The sellers who put their homes on the market in the fall tend to be serious and that means they could be open to negotiating.
Fourth, you are the center of attention. Because spring and summer are traditional times to buy a home, real estate agents are usually busier then. That is also true for other professionals you’re working with to buy a house. Service providers, such as mortgage lenders, title companies, inspection companies, are moving out of the summertime busy season and can often respond quicker and have openings in their appointment schedules.
Fifth, you can take advantage of end-of-year sales to outfit your new home. There are bound to be improvements you’ll want to make after buying a house. And you’ll want to decorate it. Wouldn’t it be great to coordinate your home purchase with sales on items you’ll need? The fall is traditionally a great time for sales. September is usually a good time for finding sales on carpet and paint. October means lawn mowers go on sale, and appliances and cookware are cheaper in November.
Always keep in mind that the best time to buy is ultimately the time that is best for you and your family, no matter the season. Hold out for the home you want. If you’re thinking about buying a home this fall, contact Bonnie at Cisco Realty.
By Bonnie Marlow, Realtor, Cisco Realty