During this past spring and summer, home buyers were out in force. In many markets throughout the country, homes went under contract quickly, and bidding wars were not uncommon. Now that fall is here, some frustrated buyers will pause their search, and try again next spring…right during the peak of the market!
The fact is, buying a home during the fall and winter months can give you strategic advantages. Here are a few reasons why serious home buyers should stay in the market this fall!
Motivated sellers. As buyers thin out, nervous home sellers are more apt to make price adjustments, and accept buyer contingencies.
Less competition. Fewer buyers means less competition for available homes. Homes are not going under contract as quickly this time of year, and multiple offers are less frequent. This takes some of the pressure off buyers, and helps soften home prices.
Better service. Mortgage lenders, appraisers, home inspectors and title companies aren’t as busy in the fall and winter. With fewer transactions in the pipeline, turnaround times within the buying process improve, meaning fewer backlogs and fewer closing delays.
Moving companies, home service providers and contractors also see slower business in the fall and winter. This can translate to lower costs for services, and quicker response times.
In addition to the above, it is likely that mortgage interest rates will stay low through the last quarter of the year. There is a chance, however, that the Federal Reserve will increase its benchmark lending rate in December, which could have a modest ripple effect on mortgage interest rates. Your housing dollar doesn’t go as far when rates increase.
Of course, your best home buying advantage comes with using the services of an Exclusive Buyer Agent! He or she can help you succeed any time of year, and in all market conditions!
Remember, your Exclusive Buyer Agent can show you any home on the market, including homes for-sale-by-owner, homes for sale by builders, and homes on the Multiple Listing Service! The autumn inventory in your market may be better than you realize!