Many people think Spring or Summer is the best time to buy a home or any real estate asset. But if you ask me, I’d say Fall is as good as Spring or Summer if not a better time to make a purchase. Here’s why Fall is a good time to buy a home.
Statistics says so
If you want to know about the stats or what years of data says, let me assure you October is indeed the best month to get the deal closed. From RealtyTrac’s historic data, inthe last decade or two, buyers who have purchased houses in October paid around 2% less the pre-estimated market value. Even though 2% may seem like a small percentage, when you calculate it alongside millions or even a couple hundred thousand, you will see how big this 2% can become.
Holidays are opportunities
In Fall, when everyone is busy with the preparation for the holidays, people often rush their decisions. So, seller around the holidays is most probably trying to get their house sold and get busy with the holiday preparation.
Since most people think Spring or Summer is the best time to buy, they usually go to look for deals during these months. This makes the Spring and Summer extremely competitive in terms of getting a sweet deal.
When several buyers try to purchase one home, the seller usually gets the idea of demanding as much as they want. This increases the expectation of the seller, inevitably increasing the price of the home. This is because of the interest of several buyers in Spring or Summer. But in Fall, when the number of buyers hunting for a new home is lower than Spring-Summer season, sellers are more prone to listen to your deal since their options are limited unlike during Spring or Summer. That’s why when you go to buy a home in Fall, you are more likely to get a better deal.
You get more time to see the properties in Fall
In Spring and Summer, as I have mentioned earlier, the number of sellers and buyers is greater than the rest of the days. So, when you ask your real estate broker to show you properties, he or she will show you the maximum number of properties in a short time, giving you more options to buy and increasing his chances of getting a hefty commission. Even though having several options is definitely a good thing when you are buying a new home, seeing the properties is not a rush. On the other hand, since the listing of properties is less in Fall, even though you have fewer options to buy, you get more time to see the properties as your broker only has to show you a few houses. This means you can evaluate the property, neighborhood and other household facilities well before you reach the decision. Since the number of buyers in Fall is less significant, you don’t have to worry about losing the house to someone else too.0