If you are in the market to buy a new home, the Fall just might prove to be the right time to find the home you’ve been waiting for. While the majority of people hope to be completely moved into a new home by the fall, if you have the option to wait until the temperature start to drop, you might find that things work in your favor. As reported by the National Association of Realtors, you will find April, May, June and July are typically the busiest months for people to purchase new, or “new to them” houses. Families strive to be settled in their new location by the time the new school year begins, especially when moving to a new town.
The following are examples of how house hunting in the fall can work in your favor.
Real Estate Agents generally find themselves straight out in the spring and summer months. While they still provide quality service and will assist in your house hunting goals, their time is stretched a bit thinner during the busier months. If you are able to wait until the fall, you will likely find that your agent has fewer clients to contend with, opening up more time to assist you in your search and buying process.
The same is true for mortgage lenders. Lenders are constantly working within very tight time frames to get you to your closing in time and with all of the necessary paperwork in hand. When lenders are rushed and have new loans to processes landing on their desks every day, there is not a lot of time or room to discuss client concerns or negotiation. When you are able to work with a lender during their slower time, which is generally the fall and winter, you might find they work harder to gain, and keep, your business. A home sale now is a potential refinance later, so keeping the client happy is a priority.
The competition is lower in the fall. As we now know, many buyers are busy house hunting and negotiating in the spring and summer. With few buyers looking at homes comes less competition. Less competition means you might be able to get the home you want at a lower price, not having to worry about the next buyer out-bidding you and without the ongoing counter-offer struggle.
On the same note, you might not just find yourself walking away without a struggle, but you might walk away with a lower price than what the owner was originally asking. Sellers are generally more motivated to work with buyers in the fall. With fewer potential buyers and less competition, sellers often will not chance wondering when the next offer will come and might be more willing to accept your offer.
House inspectors are also on the list of professionals that work non-stop during the busiest home buying season. Though they are obligated to do a thorough inspection each time they are hired, they might dig a little deeper and be able to spend a bit more time providing useful information in the reports when they have more time allotted. In addition, when the temperature starts to fall the heating system kicks in where it would not in the warm summer months. Your inspector will have a chance to see and hear how the system works. On the same note, he or she will be able to feel any drafts that might come in through the basement or attic that would not have been felt in the summer.
This is not to say that you will necessarily have a choice as to when you need to move and buy a house… If you are relocating for work, family or school reasons, you might find yourself in a position where the choice of season is taken out of your hands. However, if you are given the option and not held to a certain time frame due to other obligations, waiting for the fall might provide to be an option you should not neglect.