The air is getting chilly and the winds are starting to pick up…You know what that means? Fall is here! With the changing of the season comes changes in the housing market due to a few factors. For starters, the new school year has just begun. When kids are in the swing of a new routine like classes and football practice, families are less inclined to move and potentially change school districts. The result is low competition and other home buyers taking your prospects as you house hunt.
Fall also signals the start of the holiday season across America, making people’s lives busier and more stacked with financial burden to accommodate the costs of turkey and presents. According to MansionGlobal.com, buyers face 26% less competition on average in all regional markets during the fall season. Meaning home buyers have an advantage when making an offer on a home because not as many shoppers are on the radar.
And finally, as we approach the end of the year, we also approach the upcoming end of the tax year. People on the market will want to finalize sales quicker and potentially get a tax break for this year. Some sellers will start to lower their asking price in hopes of sealing a deal. Play your cards right and you could find your dream home for much less than during peak home buying season. Fall is a great month to browse listings and make offers. According to RealtyTrac Analysis out of over 32 million home sales, data shows that market values for homes are at its lowest in October with buyers paying 2.6% below market values.
So, enjoy a pumpkin spice latte and the warm sweater season with the added good news that house hunting now means more home buying options with less competition.
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