Warm weather gets people outside and interacting with others. It’s why spring and summer have become a popular time to buy a home. Eager first-time homebuyers take this time to travel from home to home to find the perfect place to settle down. But, we’re here to tell you that house hunting in fall is better. For one, you have less competition. Though you might not want to brave the cold weather, it’s the best time to be out looking for a home since other potential buyers will want to stay indoors. Get the upper hand when you get with an agent and lender during the fall.
House Hunting in Fall
So you’ve finally decided to buy a home but it’s October. This might seem like a downside, but it’s actually a good thing. The time you spent online, scrolling through dream homes has now allowed you to narrow down your list and seek a real estate agent. As fewer people take the time to head outdoors during their free time, you’ll be able to stay ahead of any (if any) competition. That corner house with the huge backyard your realtor took you to see? Seeing it in the fall means putting in an offer that no one will try to beat. Notably, if a seller wasn’t able to sell their home during the summer, they are going to feel pressure to close on their home before winter arrives. What does this mean? For the most part, it means that sellers are more likely to lower prices. This is all beneficial to a buyer.
Corporate Sellers, Lenders, and Banks
“Prices tend to decline between September and November,” said Gay Cororaton, the director of housing and commercial research for the National Association of Realtors (NAR). In relation to this, banks and lenders are looking to close their books for the year. Because of this, they might price things more aggressively to get homes sold. So, if you’re buying a home for the first time, going on a hunt during the fall might be the better bet for you. The home experts have also noted that fall 2019 will be a better time to buy a home because of the lower mortgage interest rates. Currently, rates are at or near three-year lows. There’s no reason to be on the fence. Take advantage of the low prices that the fall season brings out in real estate.
All in all, fall home buyers will see lower prices than those who are buying during the spring or summer. Don’t let the weather keep you home. Start your home hunting today and take advantage of the lower prices and mortgage rates your lender can provide you.