Fear not, homebuyers. The fall season is still a good time to find the house of your dreams.
While it's true the summer is by far the busiest time of the year for the real estate market, transactions don't come to a standstill. In fact, you may find it more ideal to purchase a home between the months of September and November than during the more traditional spring and summer seasons.
And don't think that you may have missed out on a piece of property that matches your criteria. You just might come across something that meets or exceeds your expectations.
Here are some ways the fall home buying season is just as exciting and beneficial if you're looking to buy a house.
It's nearing the end of the year
Labor Day weekend represents the unofficial end to summer. It's when the kids head back to school and football starts up again. But just because the weather begins to cool down doesn't mean the housing market will as well.
In fact, at this time of the year, sellers who were hoping to cash in on the summer season are simply worn out. For months, they've been dealing with potential buyers, only to encounter some who turn out not to be serious about the process, or in worse situations, the sale falls through.
Come fall, Trulia stated sellers could be at the point where they may be willing to accept a lower offer. This can work to your advantage if you're hoping to save some money while still buying the perfect home.
Additionally, sellers may feel even more compelled to make a sale in the fall because the pool of potential buyers has shrunk considerably. With some sellers already having a new place to move into, they're likely even more serious about selling the home because they'd rather go that route than wait another six months or so.
It's no secret that some areas in the country currently have low housing inventories. Popular cities such as San Francisco have seemingly been grappling with this situation for years now, while a place like Austin, Texas, is attracting more people than there are homes, as the Austin Business Journal noted.
But even with recent trends, you'll still face less competition when looking for a home in the fall. Some potential buyers automatically assume that once summer ends, there's no point in looking for a home. This notion couldn't be further from the truth.
Since you're facing less competition, you may have an easier time making a lower offer than what the sellers are looking for. Such a move can work to your advantage, but you want to be careful so as not offend the sellers. It's important to find the perfect balance when you make an offer.
Don't forget about the inspection
Just because it's the end of the year doesn't mean you can forget about some important steps in the homebuying process. One of the final steps involves getting a home inspection service to spot any underlying issues that you need to be aware of.
If something is spotted, you'll then have to make a decision whether to move forward or negotiate with the seller to lower the price because you'll then have to make repairs. But during the fall, this may actually work in your favor.
Consumer Reports noted that some months are better for buying essentials around the home. For instance, September is ideal for buying carpet, while November is perfect for purchasing appliances.
If you're looking to buy a home, you may find that the fall is perfect time to do so.