Fall and Winter are likely not your first choice for buying a home with slightly limited inventories and generally less to choose from; however, Fall comes with a great upside from a buying perspective and will give you a leg up on other homebuyers. Despite some of the downfalls in off-season buying, there are plenty of benefits of buying a home in the Fall. Here are some of our reasons to buy this Fall.
Fewer Buyers, Less Competition
If we’ve learned anything from the 2020 housing market, we know that competition for many homes has been extremely high. Baby Boomers and first-time buyers are vying for the same homes and with limited real estate inventories, homes go fast and competition is extremely high.
Buying in the fall eliminates at least part of those issues that homebuyers face in the busier summer months. While inventories may not necessarily change, the number of buyers and therefore the competition and stress that comes with making competing offers for the same home is less of a concern. That said, look to the Fall to buy with a little less stress from other buyers.
More Inventory, Better Selection
Depending on what market you’re looking to buy, inventories may still be short as they have been through most of the 2020 annum. Generally, though, fall homebuying can yield slightly more home inventory and better selections for potential buyers. Not only is there more to choose from in the off-season, but it’s highly likely that you can find a great deal on a home or a hidden gem.
Since sellers in the Fall months are looking to offload their homes, you may be able to get a home for a better price than you would during the busy summer season. Probably the biggest benefit of buying a home during the Fall is the very real possibility of getting a great home that would otherwise not be available during the summer months.
Sellers are Desperate
Desperation can be a big motivator for home sellers, and selling during the off-season may very well indicate some desperation on behalf of the seller. This isn’t always the case so don’t expect a seller to price their home near rock bottom, however, sellers putting their homes on the market during the slow season may very well be willing to negotiate.
With your agent, be prepared to work a seller down from their listing price and have some ideas about what you will offer and what concessions you may request from the seller. In other words, be ready to do a little haggling to take advantage of a seller during the slow real estate season.
Buyers Are Motivated Too
Not only are sellers desperate to sell during the Fall, but buyers are highly motivated to not only close deals quickly but move along with the process. One problem you may run into is sellers ready to offload their homes and ready to close a deal as quickly as possible.
If that’s the case, then it’s important to make sure your finances are in good shape prior to visiting a home. Not only will this give you a price framework to work in, but by getting pre-qualified from Tidewater Mortgage Services, Inc., you can be ready to make an offer that you can stand behind. Get in touch with one of our expert loan officers to learn about financing options today!