I’m a Real Estate Agent: 8 Reasons Why You Should Reconsider Buying a Home in the Fall
While real estate activity peaks in the spring and summer, there is no right or wrong time of year to buy a home. That said, the approaching season presents unique challenges that prospective buyers should be aware of before they go house hunting — something one industry professional knows well.
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“Buying a home in the fall presents both advantages and disadvantages that potential buyers should carefully consider,” said Mike Qiu, licensed real estate agent and owner of Good As Sold Home Buyers in the Seattle area. “While the fall season can bring about certain benefits, such as the possibility of lower prices and decreased competition in the real estate market, it also comes with several drawbacks that could impact the overall buying experience.”
You’ll Have Fewer Choices
Spring and summer are the peak seasons for real estate, and while fall can present opportunities, buyers can count on fewer listings. That’s especially challenging in 2023, a year defined by tight supply even during the busy months.
“Unlike the peak real estate seasons, fall tends to have fewer homes listed for sale, potentially making it challenging for buyers to find a property that fully aligns with their preferences and requirements,” said Qiu. “This scarcity of options might necessitate more compromises on the buyer’s part.”
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Limited Listings Can Weaken Your Leverage
Diminished inventory presents another challenge for fall buyers. Reduced listings mean sellers have fewer competitors and might have less incentive to make concessions if you set your sights on their property.
“Buyers could encounter fewer options due to decreased market activity, which could limit their ability to negotiate favorable terms or find the ideal property,” said Qiu. “This reduced momentum in the market could lead to less advantageous outcomes for buyers.”
For Parents, the Start of the School Year Makes Moving Tough
If you have kids, life gets busy when the weather cools, which is one of the main reasons the warmer season bustles with so much activity. “Families with school-age children often prefer to move during the summer to minimize disruptions to their children’s education,” said Qiu.
It’s not just buyers — sellers and agents have kids, too.
“Opting to buy in the fall could limit the selection to areas where schools are already in session, which might not align with a buyer’s preferred location,” said Qiu.
The Experience Is Only as Pleasant as the Weather
Pristine weather is another primary reason that springtime is the season of choice — something autumn denies house hunters in much of the country.
“Weather-related concerns can pose challenges when buying a home in the fall,” said Qiu.
And it’s not just about feeling cozy while you tour homes.
“Unpredictable weather conditions, such as rain, colder temperatures and storms might hinder thorough property inspections,” said Qiu. “This could potentially result in overlooked issues, particularly those related to the roof, landscaping or exterior structure of the house.”
Your Dream Home Might Not Look So Dreamy
The other big reason sellers love to list in spring is that properties look prettier when flowers are in bloom and lawns are lush.
“The decline in curb appeal is another aspect to take into account,” said Qiu. “As leaves fall and plants start to wither, the visual attractiveness of homes can diminish. This can make it more difficult to envision a property’s true potential, as the external appearance might not be as appealing during this season.”
Fall Buyers Who Expect Bargains Are Often Disappointed
There’s a common perception that buying in the offseason months of winter and fall brings the advantage of lower prices, and that’s sometimes true — but there are certainly no promises.
“Potential buyers should be aware of the possibility of pricing fluctuations,” said Qiu. “While the fall season may offer lower prices, it’s not guaranteed that properties will be significantly more affordable. Real estate markets can vary widely, and buyers might not always secure a better deal solely due to the season.”
The Holidays Are Stressful Enough Without Trying To Buy a Home
In the post-pandemic world, the busy and expensive holiday shopping season starts when the trees are still full of leaves. Trying to squeeze in a home purchase and a major move on top of that can be too heavy a lift for many families to endure.
“The impending holiday season can also affect the buying process,” said Qiu. “With the holiday season approaching, buyers might have less time available to complete essential tasks such as inspections, negotiations and paperwork. This time constraint could lead to rushed decision-making, potentially resulting in regrets down the line.”
The Window for Renovations Starts Closing in the Fall
Another challenge that fall buyers face is deferred maintenance.
“Sellers could postpone necessary repairs during the summer months, leading to a higher likelihood of uncovering issues during the fall,” said Qiu. “This scenario could potentially result in unexpected costs shortly after moving into the new home. Furthermore, if a buyer intends to undertake renovations or improvements before moving in, the colder weather during the fall might present challenges. Completing these projects in less favorable weather conditions could prove to be less convenient and more costly.”
Takeaway
No one is saying not to go house hunting in the fall, but remember that it’s the off-season for a reason.
“While there are certain advantages to buying a home in the fall, such as the potential for lower prices and decreased competition, it’s crucial to weigh these benefits against the various drawbacks and pitfalls that come with the season,” said Qiu. “The limited inventory, school year considerations, weather-related challenges, reduced curb appeal, market slowdown, potential pricing fluctuations, time constraints, deferred maintenance and renovation challenges should all be carefully evaluated before making a decision. Each buyer’s unique circumstances and priorities will ultimately dictate whether buying a home in the fall aligns with their needs and preferences.”
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This article originally appeared on GOBankingRates.com: I’m a Real Estate Agent: 8 Reasons Why You Should Reconsider Buying a Home in the Fall
