Fall is a Buyer's Season

Autumn. The days are cooler. The kids are back in school. It is a great time to walk through a corn maze,  to enjoy a pumpkin spice latte, and to buy a house. According to Jonathan Smoke, chief economist at realtor.com, buyers who are willing to close in the off-peak months of fall and winter may very well have the upper hand in negotiations.

As usual with economists, it all comes down to supply and demand.  He says that normally inventory peaks in August and begins to slow as the nights grow longer. But this year the typical seasonal decline will start a bit later. There will be more choices in September than any other month in 2015. On the demand side, now that school has started, fewer people are interested in moving, so the number of contracts decreases. This means the sellers have fewer offers, so buyers may be able to negotiate a better deal for themselves.

I can attest to this with the real life example of selling my house last year. Yankee and I had big plans of putting the house on the market in June. Quickly June turned into July and then August, and still we did not have to house ready to sell. We finally had a firm marketing date in the beginning of September, but the day before it was to go live on MLS, Yankee went under the house and found water dripping. Our dishwasher was leaking. It took another six weeks to get everything fixed, so it was October before the house was on the market.

By this time, the type of buyers looking for a 3500 square foot, five bedroom home had either bought already or were waiting until spring because the school year was well underway. When an offer finally came in after six weeks on the market, we had to take it seriously even though it was way off our target price. We needed to sell and with no other offers, we accepted a deal we would have scoffed at in July.  Our loss was the buyers' gain. They got a beautiful home (with a brand new dishwasher and kitchen floor as a bonus) for an excellent price.

So if you are on the fence about buying, right now may be the best time to climb off that fence and buy your new home. If that buying is going to be in the Triangle, I am more than happy to help find the perfect house for you and negotiate a great deal on it.