Mortgage FAQ: Are Home Prices Lower in the Fall than the Summer?
"I’VE HEARD THAT BUYING A HOME IN THE FALL IS A SMART IDEA BECAUSE HOMES THAT ARE STILL LEFT ON THE MARKET FROM THE SUMMER (OR EVEN FROM THE SPRING) MAY BE REDUCED IN PRICE. IS THIS TRUE?"
Although you certainly may be able to find price reductions from homeowners who weren’t able to sell during the summer, don’t count on it too much. In a “normal” year, statistics do show that home prices sometimes do drop slightly (or remain steady) starting in the month of September, but the housing market in 2020 has been anything but normal. Currently, we’re seeing a hot seller’s market in many areas of the country due to low housing inventory and a very high demand from buyers.
Many homes that go on the market are selling very quickly and home prices have been rising nationally. However, even if you don’t find any leftover homes that are reduced in price, keep in mind that every seller has a different reason for selling and some of those reasons may work in your favor. For example, you may be in a better position to negotiate price or other terms if a seller needs to sell quickly due to a job relocation, divorce or other reason.
In the end, even if there aren’t very many homes on the market that are reduced in price, that doesn’t mean that you shouldn’t consider buying this fall. The best time to buy a home is when the time is right for you.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.
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