Pumpkin spice lattes. Pumpkin Spice Cheerios. And Pumpkin Spice Pringles.
Autumn is just around the corner.
And while this is great for pumpkin spice fans, it is also great for homebuyers.
In the housing market, autumn tends to favor the buyers over the sellers. According to research completed by RealtyTrac, the year’s best days for buyer to close on a home is a Monday in October.
So why does this happen? Here are three reasons why autumn is a great time to buy a home:
- Fewer buyers. Many people try to make major transitions during the summer. There is a natural break that seems to happen in the summer. School’s out. So, for those with families, making moves during the school year is difficult for a variety of reasons. Many buyers want to be settled before the series of fall and winter holidays begin. So once autumn hits, you see the desire to move drop, resulting in fewer homebuyers. Fewer buyers mean fewer offers for sellers. So you have a greater ability to negotiate.
- Desperate sellers. For the same reasons that so many people look to purchase homes in the summer, many try to sell homes during the summer. Like buyers, they are looking to make a big transition as well. Many sellers are buyers elsewhere. And having their home on the market is either limiting their ability to move or straining their finances with two mortgage payments. Either way, they are highly motivated to sell. Once again, your ability to negotiate price increases.
- Agent availability. With decreased buyer volume, agents are able to spend more time with their customers. They are able to spend more time searching for the best available homes on the market. Having a real estate agent is vital for many homebuyers. And autumn is a great time to utilize their services.
So if you are considering buying a home, grab your pumpkin spice latte and hit the road with your real estate agent this autumn. You may be surprised at the deals you find out there.