Is Fall a Good Time to Buy a Home?

Spring and summer tend to get most of the attention in real estate, but fall can be a great time to buy a home, too.

If you’re considering making a move this fall, here are a few things to keep in mind.

The Market Can Look Different in the Fall

Real estate markets are constantly changing. Inventory, buyer activity, mortgage rates, pricing, and individual seller circumstances can all affect what you encounter.

You may experience a different level of competition than you would during the spring or summer, but don’t assume every seller will be more willing to negotiate simply because temperatures are dropping.

The best strategy is to evaluate the individual property and current local market rather than relying on seasonal assumptions.

Fall Lets You See a Different Side of a Home

Illinois weather can change quickly once fall arrives.

Cooler temperatures and rainy days may give you an opportunity to notice things you wouldn’t necessarily experience during a summer showing. Pay attention to heating, windows, drainage, gutters, roofing, landscaping, and other seasonal considerations.

Regardless of the season, HUD recommends getting a professional home inspection as part of the homebuying process.

Are You Financially Ready?

This may be more important than what month is on the calendar.

The Consumer Financial Protection Bureau’s homebuyer readiness guide encourages buyers to consider not only their mortgage payment, but also expenses such as property taxes, insurance, closing costs, repairs, moving costs, and other costs of homeownership.

Should You Wait Until Spring?

Not necessarily.

There isn’t one season that’s automatically the “best” time for everyone to purchase a home. If your finances are in a good place, you’re prepared for homeownership, and you find the right property, waiting simply because spring is traditionally a busier real estate season may not make sense.

The best time to buy is when the right home, your finances, and your goals come together.

Thinking about making a move this fall? Go With Mason and let’s find your way home.