Now that you have saved enough for your down payment and/or secured a mortgage pre-approval, the next thing that you do is to browse real estate market to look for low prices. As discussed in the previous article, the autumn and winter seasons are the best times where prices are at their lowest. But what are the pros and cons of each? This article will focus only on home buying in autumn.
Pros
Fewer Competition
Now that the peak season has died out because a new school year starts, the demand for supply also decreases. With fewer buyers, the time for decision-making and researching then increase as people wouldn’t have to worry about houses getting sold hours after they were put up on sale.
Slightly Lower Prices than in Summer
Prices won’t suddenly drop right after summer ends. They tend to decrease bit by bit. A selling price discounted less than 10% than the summer price is a welcoming thought because you can save thousands of dollars.
Negotiation Time
Many home sellers will agree to a negotiation if it’s the only way to get rid of the house before the holidays or before it gets any colder. If you’re lucky, you can find a seller that would shoulder the repairs before you move in.
Enjoy the Holiday Break in a New Home
Another reason why there are people who buy homes during the fall season is that they don’t want to spend the time transporting things from their old home to the newly bought property in extremely cold weather. People are even more motivated to decide what house to buy before winter begins so that they can enjoy and relax during the holidays.
Cons
Home Sellers Tend to Pull Out
There are certain sellers that aren’t in the hurry of getting rid of their homes and so they pull out their listing off the market when the fall season starts. This type of sellers are after the best profit they can rake in and so they wait for the next spring.
Fewer Choices
As houses are either get sold during the past seasons or homeowners deleted their entry to wait for the best opportunity to sell, you may find yourself having lesser selections to scrutinize.
Conclusion
Right after the peak season, buyers and real estate experts think that the prices during the autumn reason tend to be more reasonable. The weather is also better, not too hot and not too cold. The pros and cons above may probably influence your decision whether you buy now in fall or wait for lower prices in winter.