3 Reasons Fall is the best time of year to buy a home!
on Wednesday, October 3, 2018
Ah, autumn: The leaves begin to fall, jackets and sweaters start coming out of storage, and our thoughts turn to hot chocolate and comfort foods. While we love layers and hot drinks, there's another reason we love fall: It's probably the best time of year to buy a new home.
LOWER PRICES = MORE HOME FOR YOUR MONEY
According to MarketWatch, listing prices are about 4.8% lower in fall than they are in the summer. That may not seem like a lot, but that price drop could actually save you thousands of dollars. Here's an example: According to the National Association of Realtors, the median existing-home prices in 2017 was $247,200. If that prices falls the typical 4.8% in fall, you'd pay $235,334, saving nearly $12,000!
When prices are down, your dollars go further. It can allow you to afford more amenities of a bigger home, put more money down, or make updates and renovations that you couldn't other wise pay for.
If you want to get the best deal possible, buying now could save you a lot of money.
It can be hard to think of moving when the temperature is dropping and the holidays are on the horizon. But there are very good reasons why buying a home in the fall makes sense. In addition to lower prices, here's another one:
LESS COMPETITION = MORE INVENTORY TO CHOOSE FROM
Spring and summer are the peak homebuying seasons, when families are looking forward to settling in during summer vacation and houses are often looking their best, with green lawns and blooming gardens. But while this might be more a convenient time for many, it's generally the most expensive time of year to hunt for a new home, and the competition for desirable houses can be fierce.
People who buy in the fall, however, have less competition, which means they can more easily find the home that checks all the boxes of their "wants" list as well as their "needs" list - without having to bump elbows with a slew of other buyers.
What if your home no longer suits your needs, because it's too big, or too small, or in the wrong part of town, or...well there are all kinds of reasons you may want to move. Luckily, fall is a great time to buy a new house and make it into your cozy new home.
MOTIVATED SELLERS = MORE NEGOTIATING POWER
People who sell their homes in the fall and winter are often in a hurry to make a sale. They want to be settled in before holidays come, or they want to get a tax break for this year rather than next year, or they have a new job and need to relocate. These sellers are looking to close the sale as quickly and smoothly as possible.
When you buy in the fall, the combination of motivated sellers and fewer other homebuyers competing with you for available homes means more negotiating power in your hands, which often results in a better deal. This could mean a lower sales prices, seller-paid repairs or upgrades, and even seller-paid closing costs.
Buying a home in the fall gives you the best of all worlds - lower prices and less competition but still enough inventory to find the home you want.
If you're serious about buying a home, doing so this fall may save you money or help you afford more than you expect. Contact us or apply today to discuss your options before you miss out on the fall homebuying season!