Congratulations, first and foremost for taking the first steps towards becoming homeowners or upgrading your home. One of the most important things to consider when purchasing a home is the timeline. Certain times of year may be more expensive, have either more or less open options or offer a lot more competition between other potential buyers. One of the best things about considering your fall buying options is that sellers are probably worried about being stuck with their property throughout the winter, so they’ll be more willing to give you a better deal than if they were selling in spring or summer. Another advantage for you is that you’ll still be able to move in comfortable weather, so going in and out from your moving trucks and battling the snow and extreme cold will be less of an issue.
The best time of year to buy a home is when there’s less competition, the market is in your favor, and interest rates have been declining. During the autumn season (especially taking into consideration the time of writing this article, fall of 2019), mortgage interest rates are at a three year low. This is great news for potential buyers. This will not only help with your monthly payments but may also help you choose a slightly pricier home if you happen to stumble upon something you love.
Sellers Want to Unload
Fall is a really touchy time of year. Some years, we have good weather conditions for most of the season, others, it gets icy quickly. Fall is also super close to the worst time of year for selling, winter, where the weather conditions are harsh and fewer people are looking to both sell and buy. This is the time of year where homeowners who are looking to sell fast start to get nervous. Many don’t want to be stuck with the property throughout the winter.
Many properties that you find available for sale during the fall season have been listed from either the previous spring or summer. The longer a house has been on the market, the cheaper it tends to become. Furthermore, if the owner is looking to sell quickly, they’ll likely be willing to give you a better deal. At the time of writing this article, 2019, we have been able to review statistics and see that the overall ‘major selling season’ (spring and summer) was quite slow. This means there are more options available this season at better rates. A good rule of thumb is the closer we get to the holiday season, the cheaper homes are usually being sold for.
Most sellers will also not want to pay utilities in another fall and winter season. Gas and electricity bills are the lowest during the fall and spring months but ramp up for winter. Sellers know this and will want to sell their house before bills skyrocket or they have to winterize the home and pipes.
There is Less Competition
Most people looking to purchase a home do so during the spring and summer months where there are more available options on the market. This means if you’re looking for a home during this peak season, you’re likely going to get into a bidding war with someone else who wants the property. During the fall, the competition drops significantly. Fewer people are looking to purchase homes, as it’s more inconvenient to move at this time of year and there are fewer options to explore before deciding to purchase.
It’s a harder time for sellers to have showings, with more unpredictable weather, less sunlight, and even factors like football season (which keeps some people from wanting to attend viewings).
Fall is a great time of year to purchase a home at an offer you’ll be most comfortable with. Though there may be fewer homes for you to view while you try to find your dream home, there are many unique advantages to buying during this season that will save you time, money, and effort.