The market can be very unpredictable and just when you think you’ve got it figured out, you get thrown a curve ball. Some patterns seem to hold true, such as Spring being a great time for buyers and sellers, however Fall may offer some pretty good news for buyers as well.
- Old Market Homes May Mean More Deals
The season is now Fall, and sellers who listed their home during Spring still haven’t seen any action. According to Zillow Porchlight, sellers have fewer chances to capture buyers after Labor Day, which could mean a drop in price.
- You Won’t Find Yourself In a Bidding War
Peak sales happen right before the school season starts, so you won’t be competing with the spring and summer frenzy of buyers. The pattern of less competition and more opportunities for buyers can mean buying below market price. According to Penny Mac USA, “listing prices don’t drop- but sales prices do. [Cut a deal with the homeowner] perhaps you’ll even pay below market value – up to 2.% less” which can also mean taking out a smaller mortgage. Woohoo!
- Colder Weather Exposes Flaws
Home inspectors may be able to seek out more problematic areas, such as leaks due to more rain, insulation problems, etc. Negotiation over remedies can bring down the price, or at least save you from blindly spending too much into a flawed home.
Homes are investments…with tax consequences. A home seller will most likely want to take advantage of a gain or a loss during this tax year, so you might find more homeowners looking to make deals so they can close before NYE.
If you’re looking to buy a home during the Fall months, you might have a more relaxed environment to shop around because of the lack of competition. Most importantly, you will be able to really weigh your options, see the home and it’s full effect during a “cozy,” family-filled season. If you’re in the market to buy, now may be your time!