Home purchases traditionally drop off during the fall, but this trend may be evolving. More and more home buyers are taking advantage of house hunting in the “off” season. Homebuyers are currently enjoying lower prices, less competition, motivated sellers, and more availability from their real estate team. Autumn is quickly becoming one of the best times of year to buy a home.
Like leaves on trees, home prices are falling.
The lower supply and higher demand for homes this summer caused housing prices to rise above market value. With less demand this time of year, prices have started to level off and come down. If over inflated prices kept you from purchasing a house this spring and summer, now’s the perfect time to rekindle your search efforts.
Buyers have the competitive edge.
Earlier this year, buyer competition was fierce. Buyers were being outbid left and right. Sellers were weeding through multiple offers at or above asking price. Buyers were gambling by removing important contingencies. Now that the housing market is cooling down, there’s less competition. You’re less likely to get outbid this time of year, making it a great time to buy a home.
Sellers are more motivated.
It’s no secret that December and January are not peak real estate seasons. As those months grow closer, sellers are more motivated than ever. With less buyers searching and winter months approaching, buyers gain the upper hand. Motivated sellers may be more willing to reduce the price, fix that leaky faucet or offer a flexible closing date. These luxuries would most likely have been ignored during the peak of the housing market this year.
Real estate professionals aren’t as swamped.
With everyone looking to buy and sell at one time, you may not receive the attention you deserve. Even the best agents only have 24 hours in a day to work with. You may notice quicker response times and more availability while house hunting in the fall. This is true for all aspects of the home buying process. Your lender, title company, home inspector, and movers are all busier in the spring and summer. By autumn, you should notice more flexibility and attentiveness from all parties involved with your home purchase.
Although buying a home in the fall isn’t perfect for everyone, it can be a great time of year for house hunting. With the right timing, you can still be settled before the holidays and move before the snow flies.