Why Fall Might Be The Best Time To Buy A House
Most people assume Spring and Summer are the best times to buy or sell a house. As it turns out however, Fall is not only prime season for warm, tasty beverages, it might actually be the best time to buy your next home! A recent report by RealtyTrac suggests the best month to buy a home is October! It found that October buyers, on average, paid 2.6% less than the estimated market value, but there are other compelling reasons, too!
Most people go on vacation in the summer, which is why vacation spots have higher rates and are at their busiest. After the summer season however, those same locations can be more affordable and you aren't fighting for beach chairs and long waits at the restaurants due to fewer vacationers. A similar thing happens in real estate. According to Realtor.com, half of homes are bought in the summer. This means Summer buyers have often already found a home, meaning if you are a Fall buyer, you have less people to compete with...and makes you that much more important the sellers.
There are typically more houses on the market in the beginning of Fall then at the end. This is partly due to left over summer listings still on the market. This makes for a "sweet spot" - less competition than the summer, but still a healthier inventory than the winter months will offer you. Take advantage of summer listings that haven't sold! If a seller's house has been on the market all summer, they will be more motivated to accept an offer. The longer a house is on the market, the more negotiating power you, the buyer, has.
Whether a listing is still on the market from the summer, or it's a new listing, if it's listed in the Fall, you have an advantage. With the holidays just around the corner, houses on the market during the Fall season often have motivated sellers. Who wants to be worrying about moving while juggling the hustle and bustle of the season? People want to be moved and settled in time for the holidays, making October the perfect time for a seller to accept your offer.
Purchasing your house in the Fall, particularly in October, positions you to take full advantage of holiday savings for things you might need/want for your home! First, "Black Friday" provides some of the years best saving opportunities, while Consumer Reports says major appliances such as refrigerators, stoves, washers, and dryers, are cheapest in December. An October purchase allows you to take advantage of both of those saving opportunities.