Parents are among the premier first-time home buyers, shopping for that perfect childhood-home for the kids with a big yard and a good school district. Home buying is a long process, one you must fit into your already busy schedule. Fortunately, there's a best time for everything. As a parent, you can make home buying part of your back-to-school shopping routine in a way your kids can get involved in. Children love to help shop for homes, and you can make it all part of the exciting part of a new school year.
The Rise and Fall of Seasonal Real Estate
The most important thing to understand is how the real estate market works. In the summer, inventory heats up. The largest number of people have the freedom of an open schedule and good weather to approach home buying. Sellers place homes on the market in the summer and buyers flock, often with great competition and bidding wars.
As the weather cools, people go home or get involved in work. Buyers drop off and sellers who have not yet sold take steps to get their homes off the market.
By autumn, the market is just cooling down. For someone with patience and forethought, fall is the best time to buy.
Parents Buying Homes in the Fall
Fall is a great time for parents to house-hunt, especially if you are looking for a nearby home without a long-distance move. Back-to-school shopping is already an involved process of making the best decisions for your kids, and you can compare the pros-and-cons of their current district to other nearby districts with tempting homes available.
This is your opportunity to choose the best local school district and schools for your children based on your home location, along with the best home experience based on home design. You can also make after-school online touring or in-person touring of homes part of your child's reward for good behavior and getting homework done early.
Why Fall is the Best Time to Buy a House
Buyer Competition is Fading
Everyone who had open-house and travel time during the summer are busy in the fall. This means buyer competition drops off dramatically. If you were worried about bidding wars and losing to other buyers in the summer, that is far less likely to happen as the school year and next business quarter begin. You will have more private time with the seller and less likely to see a costly bidding competition.
Sellers Start Dropping Prices
Sellers whose homes are still on the market after the summer real estate frenzy often get desperate to sell. Homes with propped-up listing prices drop closer to market value and sellers are more willing to discuss lower the price to sell their home this year. This gives you a better starting place for valuable homes and better footing for the upcoming negotiations. Sellers are eager to sell, making it a buyer's market for pricing.
Biggest Selection to Choose From
Fall is also when the most homes are often available to select from, without the risk of them being snapped up in a few days. Homes accumulate on the market from the beginning of Spring, so the most homes are available just before winter. In Winter, sellers sometimes take homes off the market to reduce their "time on market" penalties later.
The summer is a seller's market, where sellers set their terms for buyers who must close business before the fall. If you can shop for homes in the fall, you have a huge negotiation benefit. Motivated sellers are more likely to make concessions. Some sellers will push for a fast closing. Others may be inclined to give you time for a leisurely negotiation, covering all your bases or making the most convenient arrangements once the seller is sure you're serious about buying.
Moving Service Availability
An additional benefit of buying (and moving) in the fall is that your movers will be available. Many people limit their plans only to the summer. But for local moves, you can plan a smooth transition on your schedule during the fall, when movers have plenty of free weekends (and weekdays) to choose from.
Buying Your Home This Fall
Are you planning on buying a home soon? Make plans and get your mortgage pre-approved by the time you're ready to make an autumn bid on the perfect home for your family. Contact us today for more insights on buying your home.