Many people think late spring is the ideal time to buy a new home. The thinking being, if you make an offer in the spring, you can move in by early summer, giving your kids time to get used to the area before school starts. The problem is, lots of others have the same idea, and the market gets crowded. Here are a few reasons to consider looking for a home in the fall instead.
Advantages to Buying a Home in the Fall
Buying a home in the fall comes with many advantages. First, the competition is usually lower. When there are fewer buyers on the market, sellers are more motivated to complete the transaction. They may reduce their prices or give up more during the negotiation process, since the odds of them getting another offer are lower.
Along with sellers being anxious to get their homes off the market, another reason they might be willing to give you favorable terms is because they're looking to sell their home before the end of the year to ensure a tax write-off. Or perhaps they want to wrap things up before the holiday season begins. Either way there is an incentive to move quickly.
One more advantage is that your real estate agent should have fewer clients once the autumn months arrive. That means more time dedicated to you and your home search.
Other Factors to Consider
There are several additional factors you should consider if you're thinking of shopping for a property in the fall.
During the fall season, you'll be able to gain a more realistic look at the home you're interested in. Most properties that are sold during the summer use pictures from the late spring and early summer months, which is when flowers are in full bloom and the weather is perfect. However, attractive foliage can hide or distract you from property flaws. If you visit during the fall, you should get a better sense of what the property is like when it doesn't look its best.
Since sellers usually don't receive as many offers during October and November, you may have more flexibility when it comes to the moving date. When sellers receive multiple bids at the same time, they can choose the one that offers the best terms. If your offer is the only one, you have more leverage to ask for your preferred move-in date, which makes it easier to get through the moving process without feeling rushed.
Every season has its advantages when it comes to shopping for a home. If you search for your dream home during the fall, you'll generally benefit from lower prices and less competition.
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