While spring and summer are peak homebuying months, those still in the market for a new home shouldn't stop looking once the leaves start to turn. Ignoring the fall market could mean missing out on a great opportunity. With fewer competing bids and highly motivated sellers eager to close before the holidays, fall can be a strategic sweet spot for savvy buyers.
Here are four reasons why you don't want to miss out on the fall homebuying season.
Less Competition
Spring and summer are notoriously competitive because many families want to move while school is out. Once September hits, foot traffic at open houses drops significantly. Less competition means a lower chance of entering bidding wars. Without the pressure of 10 other buyers waiting in the driveway for an open house, you have more time to think critically about the home and keep important safeguards in place, like inspection contingencies in your offer.
It also helps that the housing supply is gradually improving. Nationally, active listings are up roughly 2% from last year, and the increase is even higher in some parts of the country. More choices can lead to better prices as motivated sellers try to offload their homes. This can give buyers more negotiating power. It's also an ideal time to get a pre-qualification letter to show you're a serious, ready-to-close buyer.
Motivated Sellers
If a house is still on the market in October or has just been listed, it's possible the seller isn't just testing the waters. A fall listing usually signals a genuine need to sell – whether due to a job relocation, financial needs or not wanting to carry two mortgages through the winter holidays.
Motivated sellers are a buyer's best friend. Because they're eager to sell their house, they're often much more willing to negotiate. And not just on price. They may be more accommodating on the timeline, more willing to make requested repairs and open to offering seller concessions. When you combine motivated sellers with fewer buyers, you may secure a deal you wouldn't have been able to get in the spring or summer.
True Test of the Elements
Many houses can look picture-perfect on a warm, sunny day. But the fall weather can provide the right conditions to see how well the property and the structure handle the elements. Rain, dropping temperatures and falling leaves can reveal the truth about a home's durability.
Touring a home in the fall can act as a natural pre-inspection before you even make an offer. If you're interested in a home, be sure to walk the property on a rainy day to see whether water pools in the yard or the gutters drain properly. Inside, check the windows on a cool day to see if you notice a draft or if the HVAC unit is struggling. Spotting these red flags early can prevent headaches during the inspection process or thousands of dollars in unexpected repairs after closing.
End-of-Year Financial Perks
Buying a home is a major investment, and timing your purchase before the end of the year could come with immediate financial advantages. If you close on a house before December 31, you may be eligible to claim certain tax benefits for the current year.
Depending on your financial situation, this could mean valuable deductions on mortgage interest or property taxes. Consult a trusted tax professional to determine what tax breaks you could qualify for. Securing those perks before the end of the year can make the transition into a new home much easier.
Ready to Make a Move This Fall?
It can be tempting to hold off until the traditional spring buying season, but pausing your search could ultimately cost you more. Statistically, home prices have continued to climb year after year, meaning the home you could purchase this fall could end up coming with a higher price tag next year. Don't wait for the spring rush – and the spring prices. Connect with an Arvest mortgage lender today to explore your options.
Disclosures
Arvest is an Equal Housing Lender and Member FDIC. Loans subject to credit approval. Arvest and its associates do not provide tax or legal advice.
