Seasons play a vital role in the housing market. More specifically, home buying and selling typically peak in the spring and slow throughout fall and winter. Although April through July tend to be the busiest months for home buying, this does not necessarily mean they are the best months for buying a home. There are actually many benefits to house hunting in the off season. Here’s why you should begin house hunting this fall.
- You have access to more eager real estate agents: The fall season is typically a real estate agent’s off season. Fewer buyers are in the market, so the fall is a great time to find an agent that’s right for your home buying needs. It is particularly beneficial if you are a first time homebuyer, as the real estate agent will likely have more time to walk you through the home search process.
- You can see how the house holds up under harsher conditions: Any home can look appealing on a sunny July afternoon, but what happens to the home when the warm months fade to winter? In some cases, homeowners begin experiencing problems with the property. By looking in the fall, you will therefore have the benefit of seeing how the home you’re interested in holds up under harsher conditions. Of course, this factor depends on where you are looking to purchase a home.
- You’ll have the opportunity to see more of the neighborhood: In addition to being the most popular time to buy a home, spring and summer are the months when families tend to take the most vacations. This means the neighborhood is typically not as lively as it is throughout the fall, when school is in full swing. When you begin house hunting in the fall, you then have the opportunity to visit local schools, parks, and malls when they are busy to get a better feel of the neighborhood you could possibly live in and the people that could potentially become your neighbors.
- More price and closing flexibility: With fewer buyers in the market, you have a greater chance of bargaining down the price of the home when you buy in the fall. In addition to scoring a better deal, you can likely request a sooner or later closing date in the off season depending on when works best for you.
- Faster response times for home services: Just as the fall is the off season for real estate agents, it’s usually slower for home service providers, like movers and painters. This is particularly beneficial to homebuyers looking to purchase a fixer-upper.
Overall, the fall is a great time to begin your home buying journey. For more information about buying a home this season, or to learn more about home financing in general, contact one of our mortgage specialists today.