Designer, realtor, builder, developer Nancy Harris Keenan tells us why.
As summer ends and the cooler temperatures of fall move in, we typically see a quieter home buying/selling market. A shift as residential real estate moves into a slower phase – – when school is in and people don’t want to move.
But fall is a great time to buy a house. Is it because there are more homes on the market? No, in fact, active listings are down about 8% over last year. It’s because from now until the beginning of 2017, the sales cycle favors buyers and here’s why:
Considering it’s the slow season, there will be fewer buyers in the market. With new inventory and old listings that didn’t sell during the spring and summer, you are in a primo spot to negotiate the price. Face it; sellers are extremely motivated to sell before the holidays.
Let’s Make a Deal
Sellers in the fall are more than ready to sell (or why wouldn’t they wait until spring?), which likely means they will price it to sell. They are equally as likely to take the low offer instead of waiting around another four to six months. And, an added benefit, during this down time you’re fairly certain to avoid multiple-offer situations.
You’re a Star
A slower real estate market means fewer sales for Realtors. If you’re a serious buyer, your agent will likely dedicate more time and attention to you. Same with collateral real estate services, such as appraisers, lenders and movers, who will also be more attentive to your needs in the fall. Score!
One more additional bonus for buying among the autumn leaves, you can deduct your mortgage interest, property taxes, points on your loan and interest costs if you close by the end of the year. Happy fall, Ya’ll!