We all know that the real estate market fluctuates with the time of year. If you’re serious about buying a home, autumn might be the perfect time to get a few advantages. According to a 4-year home sales study conducted by ATTOM Data Solutions, the two best days to buy a home (to save money) in the fall are October 12 and November 9.
And while the temperatures are likely dropping in your area, the real estate market is still hot! Check out the top 5 reasons buying a home in the fall might be your best bet:
- Sellers mean serious business. While a home is where an owner lives and makes memories, it is also an investment — one with tax consequences. A home seller may want to take advantage of a gain or loss during this tax year, so you might find current homeowners looking to make deals so they can close before December 31. Ask why the seller is selling and look for listings that offer incentives to close before the end of the year.
- Detailed home inspections. Most homes can look fantastic when it’s a sunny day in the middle of June, but what about when the dreary fall months roll around? Fall is a great time to see a home’s true character and give you a clearer picture of any flaw before you make an offer. In fact, it’s better to do a home inspection on a rain-soaked day in the autumn months because issues are more likely to be uncovered.
- Lower price tag. RealtyTrac researched over 32 million single-family and condo home sales over a 15-year time period and discovered on average that October is a great month for buyers to get a good deal. The average October home sales price was 2.6% below estimated market value.* Traditionally, November is one of the slowest months for real estate activity. Because of this, you’ll have more buying power than usual. Add this on top of the low interest rates that seem to be sticking around—that’s a perfect match!
- Time to build? If you’re thinking about building a new home, many home builders and contractors will discount their inventory during the fall months. Incentives might be negotiable to help with sales activity during slower months. This is typically a win-win for builders and buyers. It keeps the builders busy as the temperatures drop and home buyers can get a great deal on a new home.
- Stock up your home essentials for less. What better time to get items for your home that you’ll need once the weather warms up again? Fall is a great time to purchase items like lawn mowers, and there’s often deep discounts on big-ticket items for the upcoming holiday season (we’re looking at you, Black Friday)!
If you’re looking to purchase a home this fall, be sure to work with an experienced Realtor who can help you balance your individual needs for a home, as well as negotiate the best possible deal in today’s market. For information about today's interest rates or how much you can afford, reach out to one of our expert Home Loan Specialists.