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3 Reasons Fall is the Best Time of Year to Buy a Home
Posted by : Moneek
Cool crisp air, beautiful foliage, pumpkin scents, and football games. These are the hints that remind us fall has arrived.
While we look forward to this season for a variety of reasons, there is a less-known benefit of fall. It’s a great time to buy a house! Here are 3 reasons fall is our favorite time for home buying.
COMPETITION ISN’T AS FIERCE
It seems like everybody in town is looking for a house during spring and summer. Once the kids go back to school the frenzy dies down. This makes the home-buying process less stressful and more enjoyable. It’s easier to think a decision over more carefully during this time, without running the risk that another buyer’s going to snatch the property away from you. Being able to weigh the pros and cons help minimize the chance of making a wrong decision. Less competition also means dealing with fewer bidding wars that can drive up the asking price, causing you to pay potentially thousands of dollars more.
PRICES TEND TO TREND LOWER
Demand drives supply, which is why properties are more expensive during the warmer months. There are more buyers looking for houses in spring and summer. Once fall hits, the decline in the number of active buyers has the opposite effect, and prices begin dropping. Even paying a few thousand dollars less can add up to big monthly savings on your mortgage payment.
SELLERS ARE MORE MOTIVATED
With fewer home shoppers coming through the door, sellers who didn’t find a buyer in the summer begin getting concerned. This gives buyers greater negotiating power than they would have in the summer. Sellers are more likely to drop the asking price, agree to repairs, and negotiate with the buyer on closing costs and other terms. Buyers are more likely to be in control of the process in the fall than they are in the summer.
Consumers who are seriously considering purchasing a home in 2018 are not too late. Fall is a wonderful time to house shop. Enjoy extended control, more time to think about your decision, stronger negotiating power, and the chance to land the home of your dreams for thousands less than you would have paid in the summer. Don’t delay your home buying until next spring. The time to act is now!
