Though spring and summer are known as peak periods in the real estate market, fall is also a great time to buy a home. If you are really serious about buying a house, keep up reading this post and see what you should do and how you can benefit from buying a home in the fall. If the seller was trying to sell his/her home during spring and summer and still no result, you might hurry to check that home. They say, fall is a perfect time to buy a home, but keep in mind, that late fall is not. Seller may take off their homes from the market and put again next spring, not to have to negotiate and get a top dollar for their property. Year-end tax breaks are additional advantages for fall home buyers. Owning a home will help home buyers get dividends in tax returns. Besides, buying a home in the fall will help you not to worry about freezing weather and icy roads on a moving day. The same for hot summer days: who wants to go through such annoying processes during the vacation and heat weather? Being settled in your new home before the winter holidays is really a very important point for many buyers. What about kids? If you have schoolchildren, you’d better move to your new house during the summer holidays. But if you couldn’t find your dream home in summer, fall is the next ideal time. Also, we’ll talk about home prices and negotiation, and you’ll see why buying a home in the fall is really better than ever before or after. After all, just let’s remind you, that fall is a great time, except for the late fall.
Get to know the market
Before buying a home you should do a little homework and study the market. You should know how prices may change and see how different markets behave. Consider that the market is quite different for different areas. For example, Las Vegas and Minneapolis, as a rule, do not show low home prices (According to Zillow’s Monthly market reports). Thus, after the spring and summer peak period, fall is time for a slowdown in home values. So, if you’re willing to buy home for less money, you might want to wait till mid-September and early October.
Check all the available options
Here we may have two different situations: less competition and more competition. As many buyers want to have their new homes ready for the first day of school, you’re lucky to be able to look for your dream home for longer and have more time for negotiation. On the one hand, this is a plus for a fall home buyer. On the other hand, you should remember, that for the same reason most listed houses are already sold out and you have fewer options to check out. So, take a look at all listings and drive through the areas you are interested in. Sometimes, a seller may take off their listings in fall, then put again on the market next spring, but you may find your dream home driving your car up and down the street. It’s also a good idea to check homes with your realtor. A good realtor is more likely to know all the houses for sale in your area and will help you find the best options even without checking out the listings.
Make sure sellers are serious
Some realtors say sellers are more serious while selling homes in the fall. It’s some kind of deadline for sellers. They don’t want to wait till next spring and want to have their houses sold before winter holidays. So, if they were not able to sell homes during previous selling seasons, as spring and summer, they are now even more serious and more willing to accept offers with less money. Besides, moving dates are more flexible now, for the same reason as we mentioned above – no one wants to move on the eve of holidays. This will give you a chance to have shorter negotiation time period and deadlines. Instead of the 30- day period, sellers are more likely to give you a doable time frame.
Check maintenance areas
In many articles, we have mentioned that home inspection is really a must for home buyers. This is another reason to buy a home during the fall. You can check all maintenance areas now. Fall is an ideal time for home inspection. Everything is clear: you can see all the problems the house has. It’s the best time to check such an important thing as a gutter. If you visit the house on a rainy day, you won’t even need a professional inspector. You’ll see for yourself if there is anything to be repaired. Make sure to check the inside as well: furnace, drafts, leakage problems, and many more possible issues. Do not forget to check structural problems and find out how much money you’ll need for all repairs and upgrades.
Negotiate
We’ve already mentioned about negotiation. It’s obvious, that moving during the winter is not a pleasure! Take your chance and go for your dream home. Work with a good realtor, who will help you to find the best option for the best price for you. And now, if you offer less money than the listing value of the property, your offer is more likely to be accepted. All those paperwork, home showings, and open houses become more stressful for sellers during holidays. So they are willing to finally sell their homes and be totally free of stress for the winter holidays. These make what you can use to your advantage as a fall home buyer. In fact, fall is the best time, when the seller is too motivated and will be ready to negotiate a little bit more with a buyer, than during peak spring and summer selling seasons.
By: Hermine Aslanyan
Additional Resources:
Autumn Advantage: 4 Tips for Staging Your Home in Fall by Craig Donofrio / Realtor.com
Fall Decorating with Natural Elements by Home Zada