Buying a Home in the Fall: What You Should Know
The leaves are falling, the temperature is dropping and the scent of pumpkin spice is filling the air: it’s fall. This time of year makes for an ideal time to buy! Here’s what you should know about buying a home in autumn:
There’s Less Competition
In the warmer season, throngs of buyers are ready to flood open-houses. Peak season brings a lot of new inventory to the market, and buyers respond quickly to get their dream home at the right price. Many homebuyers are looking at the same property all at once, which can provoke bidding wars and raise prices above what sellers were originally asking.
With less pressure to buy and sell quickly, buying a home in the fall market can save you thousands of dollars.
There are Fewer Options
This might sound like a “con” rather than a “pro”, but having fewer options can sometimes be a good thing. The fewer homes in your target neighbourhood and price range, the less time you’ll spend viewing each one. This will give you an opportunity to thoroughly investigate the homes you visit.
This will make your decision-making process a whole lot easier. It also takes away the pressure of making a rushed, uninformed decision before you buy a home.
The Prices Are Lower
Home prices are usually lowest in late fall and winter (about 8.45% less on average). Spring tends to have the highest number of sales, particularly in May and June. Sales typically slow down from September onward. December typically has the lowest number of sales.
We’re Here Any Time of Year
Buying a home can be stressful, but affordable pricing and appropriate timing can help make it easier.
Already convinced to buy a home in the fall? Consider hiring a MortgagesMadeEasy.com broker before you start house-hunting so you get the best mortgage on the market.
Schedule a free consultation with one of our mortgage experts to see what we can do for you!