5 Reasons Why Fall is a Good Time to Buy a Home
Spring and summer have traditionally been coined as the optimal time to buy a home. However, according to Jared Hoylo, Remax Advantage Plus, there are several reasons fall is an excellent time to buy a home.
Home Market Inventory
The number of houses and the available home inventory typically dips right after school starts. Meaning, the homes left on the market are positioned uniquely to sell quickly during the fall. Good news for those wanting to buy a home in the fall! "With the limited homes on the market, the market inventory becomes a prime opportunity for home buyers," said Jared Hoylo, Remax Advantage Plus. "Home buyers can capitalize on the homes listed." For some smart tips for new homeowners, click here to check out our guide.
Home Seller Motivation
Homes sellers who've listed in the fall are motivated to sell before the winter months. Additionally, buyers who have already seen the offerings on the market and have elected to pass for whatever reason are now eager for new home inventory. This is a perfect match to both sell and buy a home. "Home buyers can take advantage of sellers who are making sure they have done all the DIY projects and home repairs necessary to have their home stand out in fall," Hoylo said. Check out Family Handyman's first time home buyer's maintenance guide.
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Market Timing to Buy a Home
Home buyers have a pricing advantage to buy a home in the fall. As a result, home sellers are keenly aware of the other homes on the market in their neighborhood and surrounding communities. If there has been a slight drop in pricing, the home seller needs adjust the price of their home. This makes the consumer more likely to want to buy a home. "For a fall home sale, seller's need to price the home right with other homes on the market. This pricing is a big advantage for the home buyer," Hoylo said. "The goal is to get the home sold as soon as possible to avoid staying on the market into the holidays--perfect for the fall home buyer."
Open Houses and Incentives for Home Visits
Home sellers promote open houses as an incentive for potential home buyers to want to visit their home. The sellers goal is to get buyers into see the home as soon as possible. The buyer should make an offer to avoid competing offers. Here are tips for first-time home buyers when they are walking through an open house and are wanting to buy a home.
Even if the sellers have made all the right repairs and are self-assured in the way they've maintained and improved their home's assets, it's still a good idea for the home buyer to have an inspection of the home. This includes cleaning furnace and air-conditioning, fireplace chimney, ducts, and siding. It is also a good idea to have a third party inspection to vouch for the structural soundness of the home increases the home buyer's confidence in buying a home.