While some potential homeowners were unable to purchase a property this summer due to fierce competition and a short supply, many experts say autumn is actually the best time to shop. With fewer people in the market to buy a home and those who listed properties before still anxious to sell, this season creates a higher probability for better deals and better pricing.
The biggest thing that can help facilitate real estate sales at this time of year is that most homes still on the market have been there for some time – usually a few months, according to Trulia. Sellers are more likely to bring down their prices and provide a little more wiggle room than they might have during the summer to get a deal done expediently, especially if they’re looking to sell before the end of the year or the start of the holiday season.
“The sellers with houses on the market in the fall tend to be serious,” Sam Heskel, who runs an appraisal management company in Brooklyn, told the site. “That means sellers could be more open to negotiating and accepting a lower offer.”
In addition to the fact that actually buying a home often becomes easier – even now when the market is still busy in comparison with historical norms – there are other serious benefits that might be available. For instance, mortgage companies are more likely to turn around the approval process quickly because they aren’t as inundated with applications at this time of year.
The same may also be true of working with moving companies and other businesses that deal with real estate sales and related issues.
What to look out for
With this in mind, it’s important for would-be buyers to work with their agents and determine what course of action makes sense when it comes to buying homes that have been on the market for a while, according to Lighter Side of Real Estate. After all, homes are being listed for the first time all year long, so there may be some intriguing newer listings as well, and sometimes there are good reasons why previously listed fixer-upper homes, for instance, didn’t sell in the summer.
Motivated sellers and motivated buyers often make a great team when it comes to getting a home sale completed as quickly and easily as possible. However, it’s important – especially for those who have never made a purchase before – to work closely with their agents to determine how much house they can afford and what’s a good price for the properties they may be considering.
Agents will have so much knowledge and experience in dealing with the local real estate market that they’ll be able to let clients know exactly what does or does not constitute a good deal, and how to more quickly get through a sale so they can begin putting down roots.
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