When is the best time to buy a home? Why Fall is a great time to buy!
The best time to buy a home has long been considered the spring and summer seasons. Meanwhile, their seasonal sibling, fall, often gets tossed to the leaf pile by potential buyers who might think autumn is just about haunted houses and turkey dinners rather than house hunting.
But surprise! Fall is not only a great time to buy a home, it might also be the best season to find the perfect property (and not just because you can browse the listings while cupping a pumpkin latte).
So here are a few reasons why you should buy this Fall.
The Best Time to Buy a Home for Cheap and Snag a Deal is October!
This isn’t just some random guess; it’s based on RealtyTrac’s analysis of more than 32 million home sales over 15 years.
The resulting data showed that on average, October buyers paid 2.6% below estimated market value at the time for their homes.
Like a beach after Labor Day, the realty market clears out as the days turn crisp. Most summer buyers have already found a home, meaning a fall buyer will have way less competition for the available houses on the market.
And don’t worry about those buyers who didn’t close before August, either.
Many folks will drop out of the market until after the new year, giving a fall buyer even greater room to roam at open houses.
Worn-Out Home Sellers! Say hello to your little friend, leverage.
Sellers who have their homes on the market in the fall “are generally people who need to sell, which can make for better negotiations for the buyer.”
And if a home you have your eye on has been on the market all summer, you’re really in the driver’s seat as far as making an offer the seller can’t refuse. The longer a home sits on the market, the more negotiating power the buyer wields.
The Holidays are Around the Corner!
Not only are most home sellers worn out after the summer selling season, they’re also caught between a real estate rock and a hard place in that the holidays are barreling down on them.
If they want to move and settle down in time to host Thanksgiving and put up their Christmas lights, they’ll have to close, fast.
So use this pre-holiday window to your advantage by offering to help them vacate fast if they cut you a deal.
Home Improvement Bargains
Once you close on that home you found in the fall, you may want to upgrade your appliances.
Luckily, December is when major appliances—refrigerators, stoves, washers, and dryers—are at their very cheapest, according to Consumer Reports. It’s also the best time of year to buy cookware and TV’s.
- Home prices will continue to increase at a rate of 5.1% over the next year.
- Home values will continue to appreciate for years. Waiting no longer makes sense. Not only will prices continue to rise, but so will mortgage interest rates.
- An increase in rates will impact your monthly mortgage payment. A year from now your housing expense will increase if a mortgage is necessary to buy your next home.
- Either way, you are paying a mortgage, either yours or your landlord’s. So look at the actual reason you are buying and decide if it is worth waiting.
Now you know why Fall is a great time to buy a home!
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.