It is common knowledge that home buying is at its peak during the summer months. But before you give up your home search for the year, consider these five reasons why fall may be the best time to purchase a home.
Less Competition. There's a reason summer is the hottest time of year for homes. Many families are rushing to get moved in to their homes in order for their children to start the school year at their new school. By the fall, most summer home buyers have purchased their homes and those that haven't may wait till after the holidays to ramp up their house hunting again. Fall is the prime time to purchase a home with the least amount of competition.
Cheaper Homes. According to RealtyTrac's analysis of more than 32 million home sales over 15 years, October is the best time to get a great deal on a home. In fact, ReatlyTrac's results show home buyers paid 2.6% below estimated in October. Home buyers concerned about getting the best price on their next home should take advantage of fall's home values.
Holidays. Homeowners have likely started packing up the house with the intention of moving. The last thing they want to do is unpack their holiday decor so they may be more willing to make a deal or speed up the closing process in order to move out and into their new home by the holidays.
Availability of Professionals. Because the summer rush has wrapped up, your real estate team (including mortgage lenders, real estate agents, title agents, and inspectors) will likely have more time to spend on your home buying needs. If you haven't already, now is a great time to work with your lender to get pre-approved for your home loan.
Flexible Sellers. If a home has been on the market all summer, odds are good you'll have more negotiating power. If the home is recently on the market, the sellers may want to be out by the holidays, or may need to relocate for a more immediate reason, like a new job. Being able to close quickly may be in your favor.
If you are planning to purchase a new home in the Reno-Sparks area this year, please contact us for information specific to the neighborhoods where you are looking. Sallan Real Estate has decades of experience buying and selling homes in Northern Nevada and we would be honored to assist you.