Buying a House This Fall? The Timing Might Be Better Than You Think
Most people think spring is the best time to buy a home. And sure, there are usually more listings available. But what many buyers don't realize is that fall can offer some advantages of its own.
By September, a lot of the buyers who wanted to move before the new school year have already found a home. That means less competition, fewer bidding wars, and a little more breathing room as you search. At the same time, homes that hit the market during the busy spring and summer months may still be available. Sellers who were hoping for multiple offers in June may be much more willing to negotiate by October.
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In other words? Fall can be a great time to find opportunity while everyone else is busy planning holiday gatherings and arguing about whether pumpkin spice is actually delicious or just a fad.
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Sellers May Be More Ready to Negotiate:
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A seller's motivation can change as the year goes on. Some may be relocating, hoping to move before the holidays, or simply ready for the next chapter.
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That can create opportunities for buyers. Depending on the home and local market, there may be room to discuss things like:
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Purchase price
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Closing cost assistance
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Repairs or credits
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Other terms of the offer
That doesn't mean every fall home is a bargain, but it does mean it's worth looking at the whole deal, not just the asking price.
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Don't Forget About Mortgage Rates
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Finding the right house is only part of the equation. Having the right financing strategy can make a big difference, too.
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If you already own a home, you may be wondering, “Do I need to sell my current home before I can buy the next one?” Not necessarily.
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Our Bridge Loan may allow qualified homeowners to use equity from their current home toward the down payment on their next home, without having to sell first. That can mean less pressure to coordinate two closings, more time to make your move, and the ability to make an offer that isn't contingent on selling your current home.
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Instead of trying to perfectly time home prices, mortgage rates, and the sale of your current home, let's look at the bigger picture. Your budget, available equity, estimated monthly payment, cash needed at closing, and long-term plans can all help determine the financing strategy that makes the most sense for you.
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Before starting your home search, it's helpful to have:
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An emergency fund separate from your down payment
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Stable income and employment history
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A comfortable debt-to-income ratio
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Savings for your down payment and closing costs
Because at the end of the day, the best month to buy a house is the month that makes sense for your goals and finances. If you're wondering whether this fall could be your opportunity,
give us a call!