As you wind down from the excitement of a summer that was filled with family gatherings, nights out with friends, barbecues in the backyard, and weekends floating peacefully in a lake somewhere, it's time to focus your thoughts on buying that new home that you have been thinking about. Why would you want to do this in the fall I can hear you thinking! There are many reasons for listing in the fall and after this blog post, we know you'll be ready to run out and buy your first or next home! Ok, maybe not run out, but at least be more informed after reviewing the following 6 reasons for listing in the fall.
Homes Are Priced Lower
Realty Trac states that October is actually the best time to purchase a home. They looked at over 32 million home sales in the last 15 years and came up with data that shows buyers paid 2.6% less than the market value for their property purchase. This is a huge savings for buyers when you take into account that for every $100,000 spent you'll save $2,600! This can really add up depending on the amount of money you are spending on your new home. Using the same data, if you were to buy in April, statistically you would spend 1.2% over market value. So, October is not looking so bad, is it?
Fewer Buyers On The Market
Most of the buyers that were your competition for homes in the summer have either found a property or are wisely waiting to buy in the fall just like you are. With fewer buyers, you won't have competing offers to deal with. More inventory sitting on the market and fewer people wanting to buy puts you in a much better situation to make offers and get a good price.
Sellers Are More Desperate
All those people that listed in the spring and have waited out the summer with no offers are generally more desperate to sell their homes. They are ready to give up and their pain is your gain. As the leaves start to fall sellers start dropping their prices and they will be in a much better frame of mind to negotiate than in the spring or summer. You'll be able to work with your real estate agent to get that perfect home for a great deal.
Holidays Are Coming
The last thing people want to do before Thanksgiving or Christmas is put all their effort and energy into selling a home. Their stress and frustration is, fortunately, your gain. Not only are they tired and desperate to ditch their home, but they have a looming holiday season to deal with and will want to sell and move quickly. So, in order to get the best out of the fall buying season, you need to get yourself ready to move quickly as well. No point putting in a great offer and getting it, only to find you are not able to meet a quick possession date. Get organized and then start making offers!
Harsher Weather Shows More Flaws
Fall is a time of year when many home problems start to reveal themselves. Cold temperatures outside force the homeowner to turn on the furnace inside. In homes where insulation is poor, rooms may feel drafty and cold even when the furnace is working. After the occurrence of summer rains, leaky roofs will show stains and spots on the ceiling. Once the weather starts to get very cold in late fall, pipes may freeze due to lack of insulation.
All of these problems are obvious in fall, which makes it easy for home buyers to make an informed decision about a house on the first viewing. Watch for signs of homeowner distress when looking at houses. Rooms that have been closed off, leaks on the ceiling and other issues are all warning signs that a home is not ready for purchase. Talk to your real estate agent about any concerns you might have.
Real Estate Agents Are Not As Busy
The real estate market starts slowing down towards the holiday season, so the real estate agents will have more time to focus on your deal. During the busier buying and selling months, agents are run off their feet night and day! In the fall things start to slow down and you will get more quality time with your amazing real estate agent.
Holiday Day Sales
Looking to buy a home that you can put your stamp on? If you buy in the fall and close shortly thereafter, you'll have November/December holiday sales and deals that are bound to save you thousands of dollars. According to Consumer Reports, December is the time of the year when major appliances and electronics are at their cheapest.
We have given you facts and figures to back up the purpose of this blog. The fall is the best time to purchase a home. As previously stated, to get the most out of your home buying experience you should make sure you are in a good position to snap up a deal. Sort out your financing and start preparing your own home to move, you'll be glad you did!
Lauren Schneider, Real Estate Agent and Military Relocation Professional (MRP)
Lauren Schneider has lived in Colorado Springs for nearly 20 years and knows that the military is what keeps this town ticking, which is one of the reasons she's chosen to pursue her dream of helping military families with all of their homebuying needs. Learn more about Lauren or start your home search now.