Until recently, the best time to buy a house had long been considered spring and summer. But to our surprise-a recent study has found that Fall may actually be the best time to buy. (and not just because you can tour listings while sipping a pumpkin spice latte).
RealtyTrac’s analysis of more than 32 million home sales, over 15 years, revealed that the best month to snag a deal when buying a home is October. The data also concluded that, on average, October buyers paid 2.6% below the estimated market value at the time for their homes.
So why is Fall the best time to buy?
Like the beach after a summer holiday, the realty market clears out as the days turn crisp. Most summer buyers have already found a home, meaning a fall buyer will have way less competition for the available houses on the market.
Say hello to leverage. Sellers who have their homes on the market in the fall are generally people who need to sell, which can make for a more positive process. And if a home you have your eye on has been on the market all summer, you’re really in the driver’s seat as far as making an offer the seller can’t refuse. The longer a home sits on the market, the more negotiating power the buyer wields.
The Holidays Will Be In Your Favor
Some sellers will want to move and settle down in time to host gatherings and put up their holiday lights, so they’ll have to close, fast. Use this pre-holiday window to your advantage by offering to help them vacate fast if they cut you a deal.
Added Bonus: Home Improvement Bargains
Once you close on that home, you found in the fall, you may want to upgrade your appliances. Luckily, Black Friday will have some of the biggest sales of the year, as well as December, being right around the corner. That’s when you’ll find major appliances—refrigerators, stoves, washers, and dryers—are at their very cheapest, according to Consumer Reports. It’s also the best time of year to buy cookware and TVs.
Happy House Hunting Season!