If you are buying a home during fall, it is important to know that this is the busiest season for buying and selling aside from spring. Below are a few things to take into consideration before jumping into the market during this time of year.
Knowing the Market
As you may or may not know, different markets act differently during the fall. Zillow’s August Real Estate Market Reports show that national home values rose 0.4 percent from July, making it the third consecutive month in which monthly home values rose at a slower rate than the month before. On the other hand, markets in California, Las Vegas and Minneapolis are still seeing a very fast pace of home value appreciation (2 percent or higher). At the end of this year’s selling season we still start to see a drop in home value appreciation.
Room to Negotiate
Is there a home that you saw a few months ago that you absolutely loved? If it’s still on the market, you’ll likely have room to negotiate. There are some buyers that will pull their homes off the market, and others who have been holding out for the best price but may be ready to come down. Some homeowners are determined to get a set price, and others may just want out at this point.
Carefully Check Over the House
Fall is a great time to check for any issues such as gutter damage, and general upkeep. Be sure to look over the home from top to bottom. Go to the house on a rainy day and check inside for leaks, drafts, and any other structural or maintenance issues. If you discover any problems, look into how much it will cost to get everything up to code and factor that into your offer.
During fall, many frustrated sellers who weren’t able to sell their properties during the busy spring/summer buying season may take their homes off the market, especially as the holidays approach and the action comes to a halt. This means that the selection will be even more limited than it already is in some markets.
When shopping for a home during the fall, there are a few things to take into consideration. It is important to know that while the selection will be limited, there will be room to negotiate on the houses that are available. It is also important to know your market.