If spring and summer seem like the peak of home buying and selling…it’s because they are. During this busy time, sellers are listing and buyers are out house-hunting. Does that make it a better time to start looking for your own home? Maybe… but maybe not. If you’re thinking of buying a home this fall, you may not want to wait for the spring season.
Here’s what you need to know about buying a home in fall.
You’ll Have Less Competition
One of the biggest perks of buying a home in the fall is the reduced number of other buyers (read: competition) you’ll face. What that means for you is you’ll likely feel a lot less pressure to make an offer before another buyer, giving you more time to think, to weigh the pros and cons, and to come up with a solid—but not too aggressive—offer.
There May Be Fewer Homes, Though
The biggest downside to buying a home in the fall is that, since there are fewer buyers, there are likely fewer sellers as well. This in turn means fewer options from which to choose, so less chance of finding that perfect beach house right away. But there are actually some upsides to this downside.
Sellers Will Be Serious
There are typically two types of sellers who list their homes during the fall—and both are the kind of sellers you, as a buyer, want to work with. The first is the “leftover seller” who listed their home during the hot summer season and didn’t find a buyer. This seller is likely tired and ready to make a deal, even if that means a price reduction.
The second type of seller is the “need-to-move seller”, who’s selling their home for a specific reason, like a new job or need to relocate. Like the first type of seller, this one is likely eager to find a buyer, make a deal, and close as soon as possible—and preferably before the holidays.
You Might Get a Good Deal
Since the majority of sellers are eager to sell, you’ve got the negotiation upper hand. It doesn’t mean you should make a lowball or insulting offer, but it does mean you may have more leeway in areas such as contingencies, closing dates, and yes, price.
You’ll Get a Better Loan Rate
Summer and spring are hot seasons—and the market rates tend to reflect this. Banks and lenders know they’re likely to see fewer clients during the fall slowdown, so they may be willing to offer better deals on things like interest rates, points, or even down payments.
Bonus: This fall 2019, interest rates are already low! In fact, current 30-year fixed rates are hovering around 3.75%!
Ready to Find Your Crystal Coast Home This Fall?
Are you thinking of buying a home on the Crystal Coast this fall? Then it’s time to contact Linda Rike Real Estate. We’d love to show you around the area, help you explore its beautiful neighborhoods, and find the perfect home in just the right location.