Many home buyers think the ideal time to start looking for a new home is during the Spring and Summer. Although, there tends to be more inventory during these times, there is also a lot more competition. Extensive competition not only leads to increased sale prices, but it can be so stiff that you find yourself losing out on great homes because they go into contract before you get a chance to submit an offer, or sometimes before you even get to schedule a showing to see the interior.
Here are 5 Reasons why finding a home in the fall can be advantageous for home buyers:
- MOTIVATED SELLERS – without all the competition, Fall Sellers are less likely to be receiving multiple offers. They may even have had their home on the market for awhile, but were originally priced too high. By Autumn, they are likely to have already dropped their price, and are now in a hurry to sell their home before the holidays. Also, many Autumn Sellers tend to be people forced to relocate for work, and the relocation companies are looking for a quick turnaround and very willing to negotiate on price.
- LESS COMPETITION – Not only does less competition lead to more negotiating room with Sellers, but it also buys you more time to find your ideal home. During the Spring and Summer, you may find yourself making an offer on a home so quickly, in fear of losing out to competition, that you don’t have time to compare it to a list of other homes nor really evaluate how much you really like it. Also, in order to beat out the competition, you are likely to be making full price offers on homes that are already listed at their maximum market value.
- HOME CHOICES – You may think that buying in Fall means you are losing out on options since inventory is not as high. However, even if there are more homes for sale during Summer, many of them have the same features, floor plans, and are in the same communities. If you know what you are looking for, it is just as likely you will be able to find it during the Fall, for an even lower price. Again, you have more time to consider your options, and therefore, more likely to find exactly what you’re looking for. In the earlier months, you may find many homes that fit the bill, but end up losing out to competition, leading you to compromise on some characteristics in your rush to find something before the season ends.
- KNOWING WHAT YOU ARE REALLY BUYING – Looking for a new home in the Fall allows you to recognize some elements of the home that are not as obvious when looking in the Spring or Summer. Fall months reveal how efficient a home is during the cooler months of the year. You can see how drafty the windows and doors are, what yard maintenance is like during the Fall, and how well the furnace works.
- MOVING IN NICE WEATHER – Scheduling a move during the rainy months of Spring, the hot months of Summer, and the cold and snowy months of Winter can make moving into your dream home a bit of a drag. However, the Fall provides cool, but not cold temperatures, and less unforeseen weather delays. You can schedule and enjoy your move without as much fear of rain, snow, or unbearably hot temperatures.
So, for all you home buyers who feel a bit panicked because you did not find the right home the last couple of months, or are being forced to move due to relocation or other factors, don’t worry! You are very likely to find your ideal home without the pressure of competition, are more likely to get a great price on your new home, and will be moving in the beautiful and mild Autumn weather.