Though some potential buyers may be a bit frustrated they didn’t find the perfect home this summer thanks to the intense competition they would have faced for just about any property – they shouldn’t be discouraged. As some shoppers leave the market, the odds that those who remain will find a home for a good value, only increase. Working with a real estate professional in September and beyond may help them find the home of their dreams with greater ease.
The least expensive months to buy a home are actually in the fall, according to the National Association of Realtors. In October, buyers typically pay about 2.7 percent below the market value of a property, often because of how many would-be buyers have dropped out of the market by then, resolving to start shopping again once the new year rolls around. Likewise, many people who may be looking to sell, and whose homes have been on the market a bit longer than they might have expected, could be more willing to get a deal done once the autumn months arrive.
An Additional Benefit
The fall proposes an additional benefit, as agents will likely have less on their plates. This, in turn, may allow shoppers to ask more questions, get more insight and generally get a better feel for the real estate sales process from their agents, either in person or through other means of communication. Keeping open lines with these industry pros can provide hesitant buyers with the peace of mind and encouragement they need to pursue a sale even after the peak shopping season ends.
How To Do It?
There isn’t much of a difference between the summer and fall buying environments in terms of what it takes for shoppers to find the right homes, according to real estate expert Ed Constable. However, there are a few key differences. For starters, conditions can change as the fall draws to a close. That’s not to say there’s any sort of “ticking clock” here, but buyers who wait until fall to buy a house may not find the same success by waiting until winter, once the market potentially heats up again.
Just like the summer market, it’s vital buyers make sure they’re ready to make an offer as soon as they find a home they like. While the market is generally less busy in September and October, today’s conditions mean shoppers can still expect busy open houses and multiple bids. As such, having the ability to spring into action as soon as possible remains vital to finding a home before winter arrives.
With these considerations in mind, it remains vital for shoppers to stay in contact with their agents throughout the shopping process so they can make the most informed decisions based on how local markets are moving as the fall stretches on.