Apart from the cool weather and football season, people who are looking at buying a home also love the fall season. "House hunting in the fall can be very successful," says Patty Brockman, a licensed real estate broker at Windermere Stellar Real Estate in Portland, OR.
Autumn can be a great time to buy, but just like the other seasons, it also has its pros and cons. Is fall the best time to buy a house? Here's what Trulia thinks:
Pro: sellers are serious
According to Brockman, fall season home sellers are serious at making that sale. "Even though there typically is less inventory, the people that put their homes on the market this time of year are more serious about selling - otherwise they would wait until spring," she explains. "Motivated sellers equals more flexibility during negotiations. There is often less competition from other buyers because families don't like to move in the middle of a school year, people's lives are caught up in sports and holidays, and generally, there is a cocooning effect that takes place as the days grow colder and shorter." This just means that buyers are in great position when house hunting and making deals during fall.
Pro: inventory is low
The amount of homes available in fall is slim, but that low inventory actually has an upside for home buyers. "Since the supply of listings shrinks this time of year, it's easier to narrow down the list of your top properties," says Justin Udy, a real estate agent with Century 21 Everest Realty Group in Midvale, UT.
Con: foul weather
Just like when you can't get yourself to get in your sweatpants and grab milk from the grocery, house hunting may not be on top of your favorable activities during the rainy and cold fall weather. "Who really wants to slosh around in the rain all day, looking at houses?" asks Brockman.
Con: daylight waning
With the change in hours and length of day and night time, fall season house hunting faces a bit of speed bump. "Buyers are faced with having to get out early from work to see properties or only look on weekends in order to fully 'see' a property," says Brockman. "If it's dark out, how can you get a thorough look at the exterior of the property? The neighborhood? Before making the decision to write an offer, you will have to see it in the daylight, so this can mean multiple trips to the same properties. In a competitive market, you could lose your window of opportunity."
Pro: there's less competition
With almost everyone already closed deals before the first day of school, that means there are fewer of you who are looking for a home in fall. "This means you have more time to look and the time necessary to properly negotiate a great deal in terms of price and terms that fit your needs," explains Udy. "This also means you're not up against as many multiple-offer situations."
