Five Reasons Why Fall is the Best Time of Year to Buy a Home

Many people know that spring and summer is when the real estate business is booming and inventory is at its highest, so you’d think this would be the best time to buy a home. But, maybe not! There are many benefits to buying a home in the “off season.” Real estate experts say fall may be the best time of all to buy a home, for these five reasons:

1. Less Competition

Since spring and summer are the busiest times of year in the Real Estate business, competition is sure to be fierce. If you wait until fall, most buyers will have either found their home already or decided to wait until next spring to start looking again. With kids back in school and the busy holiday season fast approaching, many potential buyers are too busy during the fall and winter months to even think about buying their new home. Plus, as temperatures begin to drop, many people don’t want to venture out into the cold for house hunting. This leaves the market wide open for you! There will be far less buyers for you to compete with when putting an offer in on your dream home.

2. Lower Prices

Because there are less buyers on the market, you’ll also have a lot more power when it comes to negotiating price with sellers. This becomes even more true if you’re interested in a home that was put on the market in the spring or summer and hasn’t sold yet. A seller whose home has been sitting on the market all summer will probably have either already reduced the price of their home or at the very least will be more willing to consider a lower offer. On top of that, statistics show that home prices in the fall are generally lower than during busier parts of the year. A study done by RealtyTrac discovered that the best month to buy is October, when home prices can be as much as 2.6% below market value.

3. Motivated Sellers

There are two types of sellers in the fall – those who have had their home sitting on the market since spring or summer or those who have just listed their home – and both will be eager to sell. Sellers whose homes have been sitting on the market are tired and worn out, you’re going to have far more power negotiating with them now than you would have if you had put in an offer when they first listed their home. They’re ready to be out of the real estate game. Sellers who have just listed their home in the fall typically need to sell fast. The seller probably wants to be out of their old home and into a new one before the holidays. They’re serious about selling and are not going to wait around for the perfect offer on their home and are more likely to accept the first offer that comes in, even if it’s lower than they had hoped. There may be fewer homes on the market in the fall, but you’re going to find more serious sellers.

4. More Attention from you Real Estate Agent

Since spring and summer are the busiest seasons for the real estate industry, it makes sense that your agent would be busier with an increased number of clients as well. In the fall though, your agent will most likely be working with fewer clients, since as we discussed, most buyers will have closed on a home by August or will wait until next spring to continue their search. This means your agent will have much more time to focus their attention on you! They’ll be more attentive, quicker to respond to questions, and be able to better fit your schedule for showings and meetings. This could lead to a better and less stressful house hunting experience for both you and your agent!

5. End-of-Year Sales

Once you fall in love with your new home, you’ll be in primetime for finding great deals on home decor, furniture, and appliances! According to Consumer Reports, September and October are the best months for deals on things like paint, lawn mowers, and gas grills in case you want to get your backyard ready for a neighborhood barbecue in time for the next football game. November and December mean great holiday deals on things like kitchen cookware, television sets, and major appliances. Whether you just need a few items or are planning a whole remodel these kinds of savings will go a long way!

Start your hunt by browsing the listings on our website and contact one of our many amazing and talented agents to help you find your dream home this fall!

Happy house hunting!