When looking for a new house, buyers try to calculate the perfect time to buy their new home. For many people, spring seems like the obvious choice, according to Bill Petrey, a real estate consultant at AgentHarvest in Texas. Kids will be done with school, but will have the summer to settle into their new community. It's warm and the weather is usually nice, which makes moving easier. There aren't holidays to work around.
Sellers know this, too. Many people selling their home go on the market in the spring or summer, for many of the same reasons. Spring and summer are certainly the most popular seasons to buy homes in. However, fall has proved to be a promising, though underrated, buying season.
Why fall is the perfect buying season
One reason this fall in particular is a good season to buy is because supply is up, according to Realtor.com. The typical year sees a peak in supply in August, but this year will be different. This summer, the U.S. has seen the biggest increase in home building since 2007, the Associated Press reported. According to Realtor.com, September will offer more options to buyers than any other month this year.
Another reason fall is a good time to buy is because very few people will enter the market. As spring and summer are the most popular months to buy, most of the competition will have already moved into their new home by fall.
Deals and discounts
With the cold months approaching, sellers will be anxious to finally sell their house - especially if they've been on the market since spring. Fall is the perfect time for a buyer to get a good deal on a home. Before buying in any season, it's important to get preapproved for a mortgage. This gives buyers a realistic idea of how much they can afford. This is important to know in general. Beginning to shop for homes with a price in mind will make finding deals on homes easier.
Fall is the time of year when home maintenance projects really start to become apparent, according to the Boston Globe. In the warm months, buyers may not notice drafty windows or leaky basements. Moving into a new home in the summer may lead to unwanted surprises a few months later. As a fall shopper, it's a little bit easier to tell what areas of a home need help - and if the current residents are willing to take care of those issues. However, if a home does have some maintenance projects that will need to be done before winter, many home improvement stores will have discounts during the fall, according to The Street.
People shopping for homes in the fall are taken more seriously by real estate agents and sellers, according to New Home Source. This could work in favor of the buyer.
"...People who are buying a home in fall or winter, those are serious buyers," Amanda Howard, owner of Amanda Howard Real Estate in Alabama, told New Home Source. "They are buying with a purpose – whether they're getting divorced or just realized they're having triplets or they're getting a job transfer. There's a reason for that move."
No matter what the reason might be, a move during the fall months could lead to a better decision and a lower price than moving during the summer.