The seasons for home buying and selling are predictable. House sales are hot during spring and summer. Eventually, the housing market cools down once the leaves of black ash trees start to change.
Does this mean that you have to wait until spring to buy the house you want? Not necessarily. You could find and purchase your dream home even if the action in the real estate property market has wound down.
If you’re in the market for a home, consider beginning house hunting in the fall. Here’s why:
- You Could Enjoy Favorable Rates
Mortgage bankers and brokers experience business lulls from time to time. During an off-peak season, they may be willing to give you a slightly better deal to help them meet their revenue targets for the quarter or year.
So, shop around and don’t hesitate to negotiate on down payment and interest rates. You could nudge the numbers to your advantage.
If you’re not sure how much money you’re going to save from this opportunity, use a mortgage calculator. First, crunch the numbers to determine your monthly payment. Then, factor in the mortgage deal or discount offered by the seller to see how much money you can save.
- The Competition Isn’t Intense
The demand and competition for houses decrease in the autumn. Despite this, there are still homes for sale. Autumn is an opportunity for sellers to reposition old inventory — particularly houses that didn’t sell well during the peak season.
This places you in an excellent position to negotiate the price or score better deals from home sellers. After all, many sellers are motivated to sell their property before the holiday season. If you’re going to take advantage of the less intense competition, let sellers know that they can close before Thanksgiving, Christmas, or winter break.
- You Have More Time to Think
Home bidding wars that typically happen during the peak season requires quick action. This doesn’t give you ample room to think carefully about your purchase.
Autumn, however, is a different story. Since fewer buyers are looking in the market for a home, you’ll have more time to mull over your decision and do some more comparison shopping along the way.
- You Become the Center of Attention
Although spring and summer are ideal times to purchase a home, real estate agents are usually busy during these seasons. They may have a hard time responding to your concerns promptly. Once autumn rolls in, however, these agents become less busy. You, therefore, can get their attention more easily.
The same holds true with other professionals from the housing industry, such as mortgage lenders and home inspectors. Since there are fewer customers to entertain during off-peak season, they’ll likely respond more quickly to your concerns and inquiries.
- Some Homeowners Are Bent on Selling Their Homes
Not all homes on the market are old or leftover inventory. Some homeowners need to sell their houses right away for important reasons, such as an urgent need to relocate. During the fall, you may come across serious sellers. This means that they’re likely more open to accepting a lower offer or negotiating for better deals.
- You See How the House Holds up in Harsh Weather
Many homes look beautiful during the sunny days of spring and summer. Not all of them, however, look gorgeous once the gray months arrive. The off-peak home buying season gives you the opportunity to see how the interior feels during gloomy days. You’ll also know how the property holds up during inclement weather.
When you’re shopping for a home, you’ll want to see the property’s true colors. Seeing the flaws of a house before presenting an offer is better than finding out the issues months after you buy the property.
- Autumn is a Safer Time to Do House Hunting
Burglaries, just like home buying and selling, have a peak season, as well. According to statistics from SafeWise, incidences of property theft rise between June and August. The website added that many fall victims to burglaries in June compared to the other months.
House hunting and buying a property in the fall allows you to learn more about the homes in the area and the security situation in the neighborhood. If you relocate in the autumn, you’ll have plenty of time to take security precautions, such as setting up alarm systems and CCTV cameras. This way, your home is secure for the next burglary season.
These seven reasons should convince you to start house hunting in the fall. Buying a home is an important life decision you’ll need to make in your life. You want to make sure that you purchase at a good time, so you could enjoy great deals and better offers from home sellers.