Benefits of Buying in Autumn
Normally when Fall hits, the home buying season starts to slow down as families have either moved into new homes or have decided to stay put before the new school year begins. With a large portion of the home buying market staying put for the new school year, other potential home buyers are left with less competition and more room to negotiate with sellers. In addition to the lack of competition among home buyers in the Fall, check out this article from Trulia with a few other benefits to buying in the off season.
Home Prices Start to Fall
A lot of people list their homes for sale during what they think is the optimal time to sell which is during the summertime. Although summer tends to be the peak season for selling, not everyone is successful with the sale of their home during this time. By the time Fall hits, sellers may reconsider their sales price and may drop the listing price. This leaves greater negotiation room for a potential buyer.
Real Estate in the Fall Tends to Shift to a Buyer’s Market
Like we discussed above, Fall real estate typically starts to slow down after Labor Day. Typically families who make up a significant portion of the buyers’ market need to be settled in time for the new school year. Since school normally starts around the same time each year, there’s often little to no negotiation for families who need to be in a home by end of summer. However if you don’t have school aged kids, you can use this to your advantage. With less buyer completion and a slower market, it may be easier to negotiate down home prices.
Great Time to Purchase a Vacation Home
Summer time is prime vacation season. After spending a couple weeks at a favorite vacation spot, one might consider buying a second property in the area to enjoy the following summer. Fall is a great time to buy a vacation home as it leaves plenty of time to home search, purchase, and have furnished and ready by springtime to enjoy. Vacation home buyers can also enjoy the home in the off season or even rent out during the winter and holiday season for some extra income.
There’s no deadline for most fall home buyers
It’s understandable that families need to be in a certain neighborhood or school district by the start of the school year. If this isn’t a concern for you, than you probably have a flexible if not no deadline to be in a home. It is true that some buyers ideally would like to be in their home by the holidays, but if waiting an extra month or so saves you more money than some might find yourself adjusting accordingly.