It’s widely agreed that the real estate market is at its peak in spring when the competition for available homes is the most intense. That’s why buying in the fall when the market is slower, offers several advantages.
Discover the 4 virtues of a buyer’s market
The supply of properties for sale in a buyer’s market is higher, allowing prospective buyers to compare many more homes and have the upper hand when negotiating prices.
Homeowners looking to sell their homes must demonstrate a lot of creativity and be prepared to compromise to satisfy potential buyers. This creates a favourable situation for you and offers the following four advantages.
1. Lower prices
Various factors are at play when it comes to why home prices are lower at this time of year. The fall season traditionally marks a period of lower demand as potential buyers often wait until spring to begin their home-buying adventure.
Lower demand means less competition, which in turn means more affordable prices.
Another reason that house prices are often lower in the fall is that, generally, fewer properties are available. As sellers wait for the spring market, the supply disappears more quickly than usual.
Cooler weather makes visiting home exteriors less alluring and dampens the enthusiasm of some buyers. At this time of year, properties for sale may not look as impressive as in summer—more barren landscape, fading foliage, etc. And with everyone back from summer vacation, the neighbourhood seems more crowded.
Lastly, sellers may be more willing to compromise on price and inclusions if their home has been on the market for a long time and hasn’t sparked much interest.
2. More time to think things through
Aspiring homeowners are often in less of a hurry when shopping for a new home in the fall than they are in other seasons.
The market is generally less competitive; fewer people are house hunting and upward pressure on individual property prices decreases. This all means that those looking to buy in the fall can take their time to find the perfect home and negotiate a better price.
3. Financing is more affordable
In the fall, mortgage rates tend to be more favourable as demand slows. Financial institutions are keen to lend to people looking to buy a home. They may offer incentives to those with a good credit rating.
So, it’s highly likely that monthly mortgage payments will be lower.
It’s often faster and easier to get a mortgage in the fall than at other times of the year. In addition, financial institutions may be more inclined to approve loans for customers with lower credit scores because of less competition.
Real estate brokers are also looking for new clients and make themselves readily available to sign a brokerage contract with you as soon as possible.
4. Lower moving costs
Moving expenses are generally lower during the fall months because of reduced demand for services. With summer over and a new school year beginning, more and more people are settling into their homes for the cooler months and have no interest in moving.
As a result, the demand for moving services decreases, and companies offer their clients lower rates.
And, of course, reducing costs is great for clients, making fall an ideal time to move! On top of this, temperatures are much more comfortable than at the peak of summer. Here are some tips to lower your moving bill.
Is fall the best time to buy?
Fall is an excellent time to buy, whether it’s your first home or the house of your dreams. The market is slower, buyer competition for properties cools down, and negotiating is easier.
The process of buying a home requires careful planning, and the slower pace gives homeowners the time they need to find the perfect home and submit a Promise to purchase.
Buying a new home in the fall is also good because it allows the new owners to move in time for the holidays. You could even ask for decorative items or furniture as gifts.
Could friends or family also benefit from EspaceProprio’s expertise? Invite them to look at what we have to offer.
