Back to school, Halloween decorations popping up in stores…you can start to feel that fall is just around the corner. Fall is not only a great time to enjoy pumpkin spice lattes, Fall is also a great time to buy a house.
Typically, Spring is considered “peak season” in the housing market, meaning it can be a more competitive time to purchase. Because Spring is such a busy time in the industry, it can be more challenging to buy a home, since resources are tight. For example, real-estate agents and lending companies are often swamped with the amounts of buyers that come their way during the Spring and Summer months. Once the Spring homebuyers have purchased homes and left the housing market, that often results in a shift where real estate and lending companies are able to dedicate more time to each client.
Not only is Fall typically a less competitive market, but the prices of any homes that are left on the market after Spring are often lower. As the real estate market slows down, sellers become more eager to sell their homes, which can lead to a reduced-price negotiation. Of course, there may be less properties to choose from, but with some patience and perseverance, finding your dream home could be a little less stressful during the Fall.
A less competitive market and negotiable home prices not convincing enough? Well, let us add one additional incentive to buy a home during the Fall. Building materials and home enhancements are often are discounted during the Fall. This means you can buy a home that may be older and needs a few upgrades, knowing that it won’t be as expensive to make those upgrades. In other words, buy a reasonably priced home and spruce it up the way you want, all for a lower cost than buying a similar home in the Spring and Summer months.
Fall is a great time to buy a house, now is also a great time to get preapproved for a mortgage, so you’re ready to go when you find the home you want. Get in touch with our team to get the preapproval process started!