The weather is starting to cool off and so is the real estate market. While listing prices may look similar, fall is a time when sale prices tend to take a dip.
Why does this happen?
- Less competition from buyers. There are simply less prospective buyers out there. Life transitions often take place during the summer months. Because of this, many former buyers are already in their new home, sipping their Pumpkin Spice Latte. And sellers feel the dip in prospective buyers.
- Buyer tend to be more level-headed. Because of less competition, buyers tend to be less stressed. In the late spring and summer, houses seemed to vanish as soon as they went on the market. Now, things have changed. They feel like they have the time to make a good decision.
- Sellers are tired. For many sellers, making it to the fall means that their house is a part of the summer leftovers. They are tired of the selling game. They are ready to move on with their life. And many are willing to cut a deal.
- Sellers want to be in their new home before the holidays hit. Seller want to become buyers. They also want to move (Hence, why they are selling their home). And they prefer having the move completed before Thanksgiving and Christmas. Their last Christmas in that house was supposed to happen last year.
So if you are in the market for a new home—happy house hunting! I hope you find an incredible deal.