It’s that time of year again, there’s a slight chill in the air, the leaves are turning vibrant colors, and its pumpkin spice everything. Autumn is upon us. It’s time for the seasons to change, and if you are a homebuyer, many real estate experts say it is also time to change your home-buying strategies.
Although, the fall real estate market sees less activity than the summer selling season, there are still numerous ways for buyers to get a great home for a great price.
Let’s take a look at the benefits of fall buying, and discover a few ways to minimize the drawbacks.
1: Mortgage rates are at a historical low
This fall, the home buying market is unique because current mortgage rates are still sitting at historic lows.
Therefore, don’t be discouraged from making a move in the fall because interest rates have increased, they’re still at a historic low. Plus, there’s always a chance that next year they won’t stay this low.
2: Less choice BUT less competition
One of the top reasons that real estate activity slows down in the fall is due to the beginning of the school year. Buyers with young children stop looking for new homes because they don’t want to force their children to switch schools.
But, this can actually turn out to be an advantage. You now have a significantly smaller amount of competition! This creates more wiggle room for the buyer and gives the opportunity to buy the home of your dreams for a price that you can afford.
3: Buyers and sellers make sacrifices
Unfortunately, the amount of houses for sale does decrease. This means that if you make an offer, but can’t come to terms with the seller and the deal falls through, there won’t be a bunch of other houses that have exactly what you want. Therefore, you may have to loosen your requirements or wait until another suitable house goes up for sale.
Nevertheless, sellers will most likely be more flexible in terms of price reductions. So grasp this opportunity and take a serious look at the homes that are available, because sellers are l more motivated to make a deal in the fall. They might even be willing to pay some of the buyer’s closing costs or strongly consider lower offers.
4: Stray away from being greedy
A seller may accept a lower offer, but try not to be greedy. Even though the fall market is smaller, it’s important to remember that there are still serious buyers out there. Just as sellers become more motivated at this time of year, buyers who are seeing their options reduced, are also becoming more serious. Not only that, looming cold weather and busy holiday schedules also contribute to the general buyer motivation, to close before winter’s arrival.
Fall can be a great time of year to buy a home for a good deal. Since no one can predict future mortgage rates, hurry to lock in a historically low mortgage rate this fall!