Traditionally, springtime is the best time to buy a house. You buy a home in the spring so you can move in during the summer and have your kids settled in before school starts in the fall. Unfortunately, many think this way, making the market more competitive for home buyers during this busy season. Savvy home shoppers know that fall is a great season to buy a home. Likewise, fall is an excellent time for buying a house.
Advantages of Buying a House in the Fall
There are fewer shoppers. As mentioned above, spring is a busy season for home buyers. As a result, homeowners tend to list their homes in the spring. It’s a great time to get top dollar for your home when so many eager buyers drive up the price, but that competition doesn’t carry over to the fall. Buying your new home can be a much easier process if you can wait out the spring and summer rush.
Prices tend to drop. Home prices tend to drop just as the temperature does going into fall. Sellers who missed out on the hot selling season want to get out of their mortgage payments and sell their houses. You may be worried about why a home is left on the market as fall rolls around, but there are many reasons why that home is still on your favorite listing site:
- The seller has a significant life change and needs to sell 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 in spring or summer
- A sale fell through in the spring or summer
More attention from agents, appraisers, loan officers, and others. The crazy market in the spring and summer stretches real estate professionals thin. With fewer sales in the fall, you will get more time and attention from your realtor, loan officer, and appraiser.
How to Buy a Home in the Fall
Take your time searching for listings
Because the inventory of home listings in the fall is thin, patience is crucial. Allowing plenty of time for house hunting will prevent you from settling for a house that’s available when you first start looking. Follow real estate sites closely because new opportunities may appear if you don’t like what you find first.
Understand the seller’s motivation for listing in the fall
Because homeowners don’t typically list in the fall, try to find out why the house is on the market now. The property could have been listed in the spring and didn’t sell, or the seller could be relocating for job reasons and has a limited time to move. Whatever the reason, this knowledge could be useful in negotiations.
Be tough during negotiations
When the local housing market is slow, sellers may be flexible regarding price cuts or other concessions. Understanding why the house is on the market in the fall and knowing how busy the local market is can give you leverage when negotiating.
Distinguish your must-haves from your wish list
Although sellers may have to make concessions in a slower market, a limited number of properties on the market can be a downside for buyers. Therefore, it is essential to have a list of must-haves and characteristics that are important to you. Furthermore, you should also decide which things you could do without if necessary.
Visualize what the house will look like year-round
Use your imagination! The property may not look its best by late fall, which is why most sellers list in the spring. Remember that seasonal issues, like leaves falling from the trees, may seem like your potential home is more exposed to neighbors. Try to picture what the house will look like at other times of the year. You could even ask the seller if they have photos of the property in different seasons.
Although spring has a reputation for being the best time to buy a house, every season has its benefits. If you can wait out the market for a few months and don’t need to be settled in for fall commitments, waiting until the fall can offer some significant benefits.
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