Everyone knows the spring housing market has a reputation for being the hottest time of year to Buy a home. But what if it’s not the smartest time to buy? According to RealtyTrac’s fifteen year analysis of over 32 million homes, fall is the time of year to Buy if you want to keep cash in your wallet. On average, buyers pay 2.6% below asking price for their home. That could equate to a savings of thousands depending on your purchase price!

Negotiating Power

Fall buyers also may have more negotiating power than their spring-time counterparts; desperate to Sell their houses before the holidays hit, sales prices drop around 2.96% on average from summer prices. Interestingly, listing prices stay the same, which suggests that buyers are able to bargain more during earlier months. This trend persists even though listings and competition, are down in the marketplace . Fall sellers need to Sell their homes quickly, and thus are willing to compromise in ways a more selective spring-seller would not consider.

Deals Deals Deals!

Shopping for a home toward the end of the year has other advantages as well. Black Friday sales are a great way to upgrade appliances and electronics in the home without breaking the bank. And with holidays looming toward the end of November and December, contract closing dates may go beyond the traditional thirty-day window to avoid closing on a major holiday. This can give you more time to pack, prepare and take some of the pressure off during busy times of the year.

If you’re looking for a home and are worried that you will need to wait until next spring, perhaps it’s time to reconsider. You might find a killer deal that would otherwise be impossible later in the year!

If you have questions or concerns about the home buying process, in the fall, or otherwise, give me a call today!