As summer ends and autumn begins, are you looking in the right places to buy a home? Here are five quick tips on looking for your best deals when real estate shopping in the fall:
1. Discount Me In: Typically, according to the National Association of Realtors, after Labor Day there is a natural “discount” of around $7,000 and Midwest real estate prices drop about $10,000 between the months of August and September while Northeast prices diminish by $20,000 come October. The oncoming cold months lessen demand and therefore price reductions follow in these areas.
2. Be Your Only Competition: The best places to look for these discounts are ones that people seasonally forget about. While everyone else is focused on looking for a ski cabin just in time for winter, keep your eye out for real estate prizes like summer cottages. These prime pieces of real estate have fallen to the wayside for the moment while shoppers’ attention is elsewhere for the fall/winter season, giving you a chance to haggle your own price and make a deal while other competitors aren’t paying attention.
3. Put Two and Two Together: You will probably notice a couple houses be relisted as fall rolls around. And more than likely, a price drop and new open-house dates are included. Sellers may feel pressured to sell their home before winter rolls around and they’re stuck for another year with the house. The drive to sell should give you some leeway on price points and contracts. Use this to your advantage.
4. Bad Weather Shows All: With fall comes torrential rain, lots of fallen leaves, and out of control lawn growth, most things you don’t see too much of in the summer. Shopping for houses during this time let’s you see firsthand how the house handles the natural weather. Does water pool in certain places? Are their leaks? Whatever needs repairs becomes clearer during this season.
5. Bonus Feature: Not only is the housing market in fall discount mode, but so are stores like The Home Depot and Lowe’s, home and garden stores looking to sell their inventory before winter hits. So remember that when you’re looking at houses, if a change or two needs to be made to make it the perfect home for you, the means to get there are also at discounted prices during the fall.
Want to make sure this is the right time for you to buy? Check out our blog “Is NOW the Time to Buy a House?” at http://activerain.com/blogsview/3769685/is-now-the-time-to-buy-a-house-. You can even see why summer is no longer the prime selling season in “Myth Busters of Real Estate” at http://activerain.com/blogsview/3755254/myth-busters-of-real-estate. And as always, don’t forget that your local real estate agent can always confirm or deny when is most appropriate to buy that particular house that you’re looking for!
Article citation: Notte, Jason. (September 9, 2013). 5 things you have to know about buying a home this fall. The Street. Retrieved September 12, 2013 from: http://www.thestreet.com/story/12029646/1/5-things-you-have-to-know-about-buying-a-home-this-fall.html?puc=yahoo&cm_ven=YAHOO.
Pic Citation: http://www.terminixpestcontroloffers.com/blog/tag/pest-control-tips-for-the-fall/#.UjIa-dI3uSo
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