For a variety of reasons the best deals for buyers usually happen in Autumn. Capitalizing on this trend so you can spend the holidays in a new home can be easier than you think.
Spring and early summer get all the press as the “hot” time in residential real estate, and for the most part this is true. As inventory soars, activity levels hit a fever pitch during summer months. However you may be surprised to learn that the best deals for buyers generally don’t happen during the summer season at all.
Studies repeatedly show that September and October are the months when sale price trails list price the most. This means the best house at the best price generally comes in fall-- the waning daylight of autumn offering buyers a chance to shine.
Three reasons to consider a fall home search:
1. Fall Sellers are Serious
Generally there are two types of sellers in the fall.
First are the “leftover homes” from the summer market that may have been on the market for some time and may be deeply discounted. Second are motivated sellers who need to move their home for another reason. Perhaps they built a new house, bought during the summer or are relocating. Either way, both scenarios work in the buyer’s favor.
While spring and summer may have many speculative listings, fall sellers are typically serious and motivated. This means increased leverage for you.
2. Inventory is typically High
Generally fall offers the second best inventory of the real estate year and this year is no exception. While we are still in a bit of a housing shortage in the $300k - $500k range, autumn looks like it is shaping up to be closer to the norm for fall inventory. That means many homes are available, including some that may have started above that magical $500k number and have slowly fallen-- down in price and potentially off other buyers’ radar.
3. The Pressure is Off
Bidding wars, open houses that result in 10 offers and other hazards of an overheated market tend to be a spring/summer phenomenon. While the fall market is active, it isn’t overheated. This allows you a chance to take a breath and review your options carefully. While it is still a good idea to know exactly what you are after so you can act quickly, this time of year allows more time for contemplation and brings significantly less pressure.
Ready to get started? A free consultation with our team can help you understand the market, refine your search and take action this fall.
No one understands the west metro market better and we’d love to help you find the home of your dreams. If you are dreaming of hosting Thanksgiving Dinner in a new home, we’d love to be a resource to help make that dream a reality.
Contact us today at 612-656-9647 to get started.
