Autumn is finally here! And as we sip our hot cup of pumpkin spice latte (our favorite Fall drink!), the heat from the summer real estate market begins to cool. It's an established pattern: home sales shoot up every spring and summertime, and then, as the leaves start to change, it all slowly dies down. Then, come November, when holidays are looming, fewer people get the chance to focus on real-estate shopping. That said, Fall may very well be the most optimal time to begin your hunt!
Here are five reasons why this counterintuitive move may be the best thing you can do if you're hoping to buy the home of your dreams!
Off-peak buying season means lesser competition in the market, which gives you more time to think about a prospective property and lessens your chances of getting involved in a bidding war, where fast action is essential and hasty decisions ensue.
Avoid competing for a property by taking advantage of the slower pace of the Fall real estate market, and do more comparison shopping to mull your decision better.
Sellers are more motivated
As previously mentioned, most sellers decide to list their homes when the real estate season is at its peak (a.k.a spring or summer). So, if they find their homes still on the market in fall or winter, they'll be more eager to close. They may be contending with a major life change, or perhaps the home didn't find a buyer during peak season. Whatever the case, it's more likely that they'd be very open to making a deal-- and it should be enough reason to buy.
You do know that mortgage brokers and bankers have business lulls and holiday bills, too, so they MIGHT be willing to cut a slightly better deal to get it all done. Make sure to shop around and negotiate on interest, points, or down payments. Who knows, there may be room to nudge the numbers in your favor if you tried really hard.
More neighborhood action
Many neighbors head out for a vacation during summertime, leaving the neighborhoods feeling empty. But, when the fall begins, life kicks into gear again, so it'll be a great time to visit the neighborhood school and get a more accurate picture of the usual atmosphere on the block.
More handy-type options
Buying and moving into a home during the off-season will give you terrific bargaining power to get the services you need. Fall is a sleepy season for movers, house painters, and contractors, so you're bound to get faster response times, more attention, and better prices.