With summer starting to wind down, let’s turn our attention to the fall buying and selling season. First up: Buying a home in the fall months.
Although market conditions often change once the traditional school year begins, buying a home in the fall is similar to buying any other time of year and thus you’ll need to prepare for buying just like you would during any other season. Once you find a home and your offer is accepted, the process will be the same no matter what time of year you’re buying in, although it may be a bit less hectic than in the busier spring and summer months.
In terms of market conditions, the fall market does have a slightly different dynamic and you should be aware of how the current season may affect buying. The start of the school year is often a deadline for many buyers/sellers and that has an effect on the market. Often, the market can quickly shift based on the back-to-school date in a specific area because buyers with children want to be in their new homes once the school year begins. Also, many people view this particular time of year as the end of the “hot” spring and summer real estate market.
And what does all of this mean for you as a fall buyer? First, you may have less competition from other buyers in the fall and there may be fewer multiple-bid situations. Second, although there’s generally less housing inventory in the fall, the drop-off from the summer months is often more gradual than the drop-off of buyers, meaning that you should still have plenty of inventory to choose from in the first part of fall. Finally, you may see more sellers offering concessions—including price reductions—in the fall. This is especially true for those homes that have sat unsold on the market throughout the spring and summer months.
If you’re thinking about buying this fall, make sure you hire a real estate agent who not only knows the ins and outs of buying, but also knows the market.
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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