If you’re in the market to buy a new home, the Fall just might prove to be the right time. The majority of buyers hope to be settled in their new home by the fall, but if you have the option to wait until the temperature start to drop, things might work in your favor. As reported by the National Association of Realtors, April through July are typically the busiest months to purchase new houses. Families strive to be settled by the time the new school year begins, especially if moving to a new town.
The following are examples of how house hunting in the fall can work in your favor.
Real Estate Agents generally find themselves straight out in the spring and summer months. While they always provide quality service, agents often find their time stretched a bit thinner during the busier months. If you can wait until the fall, you’ll likely find your agent probably has fewer clients to contend with. This typically leads to them having more time to assist you in your search and buying process.
The same is true for mortgage lenders. Lenders work within tight time frames to get you to your closing in time, with all necessary paperwork in hand. When lenders have new loans to process landing on their desks every day, there’s less time to discuss client concerns or negotiation. When you are able to work with a lender during their slower time, which is generally the fall and winter, you might find they work harder to gain, and keep, your business. A home sale now is a potential refinance later, so keeping the client happy is a priority.
The competition is lower in the fall. As we now know, many buyers are busy house hunting and negotiating in the spring and summer. With few buyers looking at homes comes less competition. Less competition means you might be able to get the home you want at a lower price. It also means less worry about the next buyer out-bidding you.
On the same note, you might not just find yourself walking away without a struggle, but you might walk away with a lower price than what the owner was originally asking. Sellers are generally more motivated to work with buyers in the fall. With fewer potential buyers and less competition, sellers might be more willing to accept your offer.
House inspectors are also on the list of professionals that work non-stop during the busiest home buying season. Though they do a thorough inspection each time they are hired, they might dig a little deeper and be able to spend a bit more time providing useful information when they have more time allotted. In addition, when the temperature starts to fall the heating system kicks in where it wouldn’t in the summer months. Your inspector will have a chance to see and hear how the system works. On the same note, they’ll likely be able to feel drafts that might come in through the basement or attic.
That’s not to say that you’ll necessarily have a choice as to when you need to buy a house. If you are relocating for work, family or school reasons, you might find yourself in a position where the choice of season is taken out of your hands. However, if given the option, waiting for the fall might provide to be an option you should not neglect.