As summer comes to an end and fall approaches, it’s not just the weather that changes. The real estate market changes just as the seasons do, possibly providing you with a perfect opportunity to buy a new home. Find out the benefits that come when buying a home during the fall season, according to this recent Trulia article by Laura Agadoni.
Fall real estate can be more of a buyer’s market
A buyer’s market means you, as a buyer, are in the driver’s seat. That’s good news if you’re home-hunting in the fall: There are typically fewer buyers after Labor Day. “This, of course, is dependent upon local market cycles,” says Michael Kelczewski, a Pennsylvania and Delaware agent. “But typically, families need to be settled into a home by the start of the school year.” And the date school starts can’t be moved. “This results in plenty of ‘fun’ conversations between spouses, as there’s no negotiating when they need to be in the house,” Connecticut agent Scott Elwell says.
Vacation-home sellers see action
Summertime is prime vacation season. Even Congress breaks for the entire month of August. After you’ve had a particularly lovely time at your summer getaway spot, you might consider buying a place in the area and going back every year. “If you start looking for a vacation home in the fall, you can have it purchased and furnished by spring,” says Tammy Berry, director of sales and marketing for Heritage Harbor Ottawa resort in Illinois. By purchasing in the fall, you can see what the area has to offer in the off-season.
Winter is also a popular vacation time, particularly for skiers and people who love ice-skating and snow tubing. If you buy at a ski resort in the fall, you can enjoy the resort yourself or earn some serious dollars renting the place to winter-wonderland enthusiasts. “Resort communities, like in Colorado and the Rocky Mountains, offer robust winter rentals,” says Tricia Mccaffrey Hyon, a Colorado agent. “Purchasing in the fall allows a buyer to see immediate rental income from their property during peak holiday times.”
Home prices, like leaves, fall
Many people list their home for sale during what they think will be the best time to sell: summer. And it often is. “Summer is peak selling season,” Mccaffrey Hyon says. But not everyone is successful. “When a property hasn’t sold by Labor Day, sellers will reevaluate asking prices, creating greater room for negotiation.”
[Read the full article here]
