Monday, October 7, 2019 / by Natasha McNealy
Did you know that the 4 seasons we see in a year also affect the real estate world? Depending on when you are in the market to buy or sell, the season can affect whether it’s a buyers market or sellers market. In the autumn, it typically tends to lean toward being a buyers market and for sellers, this can make a huge difference.
Typically in the autumn, the housing market tends to slow down due to a handful of reasons. This creates a great opportunity for buyers because they can find themselves finding homes for many times, at a lower price and will have less competition negotiating against them.
For potential buyers, the fall season comes with many distractions. It’s the start of the new school year, sports have started up again, events all around the city are booming and in general, many people want to stay inside and take in family time while they can. This reduction in competition means that for serious buyers, now is a great time to join the hunt for a house. Having a smaller pool of competition will allow you to slow down on your search and have more time to think over offers made, have more time (and leverage) to negotiate and all in all, have more choices.
This part of the year is often left with homes on the market that are still sitting from spring and summer which creates a serious seller. Sellers will be ready to sell their home which may come with price reductions and better negotiating power on the buyers end. Since there are more homes on the market than there are buyers, sellers will need to sell their homes in the most pristine and tip-top conditions for their home to even be considered.
Another reason buying in the fall is advantageous to buyers is because with fall comes fall weather. The conditions outside aren’t as perfect as it was in the summertime which will allow buyers to see if there are any underlying issues that need to be repaired on a potential home. Leaks, cracks, pest infestations, broken seals, gaps and so on will all be exposed during this time of the year. Cooler and wetter weather will be able to indicate to buyers what needs to be fixed before buying.
Buying a home during the fall can be a great experience for buyers if they are serious and up for the task. Ideally, buyers can move into their new home before winter holidays begin and also beat out the crazy rush come springtime when competition becomes hotter and it turns more-so into a sellers market. If you or someone you know is looking for a home in Boise this fall, give us a call!