Outside of winter, a fall purchase can be ideal for cash-strapped homebuyers. Once the summer is over, the sellers become more motivated. They usually lower their prices and provide an opportunity to strike a deal. As in the winter, there is also less inventory in the fall. Many sellers want to avoid moving during the holiday season, this gives you more room to bargain when bidding on a home.
Most sellers list a home in the spring or summer, when the real estate season is at its peak. However, if your home is on the market in the fall or winter, the sellers are likely anxious to close. Plus, homeowners can be very open to making a deal, a great reason to buy when demand is low.
MORE TIME TO THINK
Bidding wars require quick action, but with fewer buyers searching, the less likely you are to be competing for a property. Take full advantage of the slower pace to make more comparisons and think about your decision more carefully.
Mortgage brokers and bankers also have lulls in business and Christmas bills and may be willing to make a slightly better deal to close the deal. Shop around and don’t be afraid to negotiate interest, points, or down payments.