Summer is usually considered the hot time to buy a new house. The weather is nice and the days are long, which makes showings much more pleasant. Families with children are looking to relocate before the school year starts so their kids don’t have to transfer mid-year. And wonderful summer gardens keep curb appeal high.
But what if you need to buy in the fall? Here are some reasons why autumn may be a better time to purchase.
1. You may get more house for your money. According to data from the National Association of realtors, sales are starting to decline — August showed a decrease in sales of 2% month-over-month and 1.5% year-over-year. When fewer people are buying, sellers may be more likely to negotiate. In this past summer’s highly competitive market, most buyers had to make an offer above the asking price, sometimes by a significant amount. Any slowdown in demand may benefit you as a buyer.
2. You might see cold-weather issues with a home that you would have missed during the summer. Are the gutters leaky? Is the home drafty? When you catch these issues before you buy, you can have the sellers fix them before you close, making your winter months in your new home much more pleasant. You may also find exterior problems that were covered up by summer flowers and foliage before you buy.
3. You’ll still benefit from low rates. Interest rates are still low, but it is not guaranteed they will stay low. Now is a great time to lock in your rate, as the cost of waiting could potentially be very high.
4. It’s easier to move in the fall than the summer. Moving during the summer months is hard because you’re competing with so many other people looking to move. Competition for movers can drive up prices and make it hard to book someone on a weekend during the summer. Fall is typically a slower time of year for movers, so you’ll have more luck booking them and moving into your new home when it works for you, rather than having to schedule a move on a day that isn’t convenient.
5. Upgrading your new home may be cheaper. If you want to put in new appliances or buy new furniture, fall sales can mean a better deal on those big-ticket purchases, even if you may have to wait for them to be delivered. These savings will allow you to either keep those extra funds on hand for maintenance in the future or use them for some other big projects you have planned for your new house.
Although summer is popular for home buying, you may find that you prefer the more relaxed fall buying experience. If you’re ready to purchase a new home this fall, your Homeowners Licensed Mortgage Professional can help you get started.