Have you missed purchasing a home in the prime home-buying season of summer? If you are seriously considering buying a home this fall, this is a fantastic strategic time to buy a home. Are you surprised by my statement? You heard it right. Let us discuss in detail why this is a great time to buy.
Fall is the Best Time to Buy!
The survey conducted by RealtyTrac between 2000 and 2015 and over the 32 million houses and condos sales revealed that the best month to buy on average is October. It is estimated that 2.7 million home sales happened in October in 2000-15. In addition to that, the average buying price is 2.6 percent lesser than the home’s value during the high market sale.
Home sellers who couldn’t sell their properties during the peak home sale season with a higher price may be compelled to sell the home at a lesser price than the desired price. Usually, this sort of price downfall happens due to exaggeration of the home price during the peak season, the result of which the buyers may not have opted for the home with the buyer quoted price. So the buyer may use this fall to push home sales during the less competitive home selling fall season, which gives them better scope to project their house and sell it at a reasonable price than the higher quote mentioned during peak season. This home buyer will have the upper hand to buy a home at their desired price.
During peak real estate home-purchasing season, the real estate transactions tend to be inundated. Still, in the fall season, relatively, the home selling and buying market is quite slow only and not completely closed, for that matter. So, the realtor agents comparatively experience a comparatively lesser occupancy, enabling them to have more time and space to focus on the new home buying or selling process. This additional free time and space give the realtor agents to offer quicker responses and deliver a better experience to customers. The possibility is that the home buyers will get to find their dream home at a lesser price. In addition, even the mortgage lenders or loan providers will have a lesser volume of home buying requests and respond more quickly and with fewer delays, as they are not entangled in the peak summer home-buying season.
Moreover, there are more possibilities that the buyer may also be availed with additional offers or incentives as a part of leveling up year-end sales targets. The best part of this fall season home purchase is, even if you buy a house with fewer amenities or facilities as the holiday season sale will be up and running, you can buy all the amenities at a lower price and get all the repairs done. So, you can buy a house with fewer amenities at a lesser price and upgrade it to full capability at a lesser cost. Buying a house with all such amenities may cost you much higher than home cost, and repairs cost combined. Moreover, with less inventory and demand, even the new home builder may offer you a home at a better price, as it helps the builder retain his crew during this fall. Another important reason is to leverage the year-end homebuyer tax reductions during the fall season, where the buyer may be availed with reduced mortgage rates, insurance plans, property taxes, and so on.