If you’re in the market for a house, the Fall presents a great opportunity for cruising through neighborhoods for what might be your new home! While some homeseekers throw in the towel after Labor Day and wait until Spring to begin the new search, you’ll benefit a great deal by studying up on the benefits that come with continuing your real estate search into the Fall.
Here are a few examples of how the real estate market changes after Labor Day:
Fall Real Estate is Often a Buyer’s Market
Given that there are typically fewer buyers after Labor Day, the Fall has a tendency to function as a Buyer’s Market, in which you (as the buyer) will have greater control over the interactions you’ll have with would-be sellers. While this tendency is certainly dependent on local market cycles, families generally need to be settled into a home by the start of the school year, which typically results in sellers with families having a greater urgency to sell their homes.
Sellers of Vacation Homes see Action
It’s no secret that most people take their vacations in the Summer, and as a result, you might be inclined to buy a place in your Summer getaway spot after spending some time on vacation there. If you’re looking to buy a vacation home in time for the next warm season, doing so in the Fall will enable you to search at a time when few other people are looking at new homes. By purchasing a home in the Fall, you’ll also be able to see what the area has to offer in the off-season. If you choose to rent out your vacation home as well, purchasing in the Fall will allow you to see immediate rental income from the property during peak holiday times (such as late December, as an example).
Like Leaves, Home Prices Fall
It’s quite common for people to list their home for sale during the Summer, as they view it to be the best time of the year to sell a home. Generally speaking, it is- Summer is peak selling season for real estate. This being said, when a property hasn’t been sold by Labor Day, sellers are often forced to reevaluate asking prices, which creates more room for negotiation.
No Deadline for Fall Home Buyers
If you don’t have kids, you won’t have to factor in the first day of school as your deadline for buying a home. While you might want to be in a home before the holiday season, the stakes won’t be nearly as high as being situated in a home before the school year, which will allow for a great deal of flexibility.
Source: Forbes