Most homebuyers know that the real estate market is the most active in the spring and summer and that the majority of sellers and buyers is out there from March to August, but this doesn't necessarily mean that some people don't prefer the quieter seasons. After all, when you find the right home, every season is right, but for now, let’s point out some of the benefits when buying in the fall.
Better odds to pay less for a home
One of the good things is that the properties which didn’t sell during the spring/summer season may come with a reduced price tag in the fall based on the time spent on the market. It is already common knowledge that the longer a property stays on the market the more it loses in value. Some sellers will also take off their properties from the market and maybe wait for next year to give it another try, but your focus should be the ones still available. One of the setbacks is that there are fewer listings during the fall compared to the busy spring/summer season, so buyers will have limited choice, but this doesn’t mean that one of the listed properties is not your dream home.
More space for negotiation
Since many sellers in the fall are already a little bit tired of their situation and simply want to sell their home, they will be more open to compromises and negotiations. With the seller in such a position, you will be able to offer a lower price, perhaps under market value, and still have it accepted. With the holiday season coming up, sellers also hope to spend the holidays in their new home, just like you do. Plus, sellers are also aware that it's harder to get multiple offers during that period, so they will probably give a chance every offer they get or at least come back with a counter offer. Statistics have shown that this is especially true for the month of October since homes tend to sell for significantly less during that period.
Buying a home is a serious financial investment, and buyers usually need to save where they can so they will be looking for good deals when shopping for appliances or furniture. Given that the fall is known for one of the biggest shopping days, buyers can conveniently use Black Friday to buy things like expensive electronic devices or furniture pieces at a discount price. Waiting for Boxing Day is not a bad idea either if you still haven’t completely settled in by Christmas.
More efficient service
The slower real state season will result in faster red tape processing. You are more likely to have your mortgage approved faster than in the summer, given that banks and lenders also have fewer clients during the fall and delays are much rarer. You are also less likely to share your real estate agent with many other clients which means they will have more time for you.
Even if the market changes through the seasons, buyers can land their dream home any time of the year, and the best time to buy a home is when they feel that the time is right.