As agents, we view the passing of summer with mixed emotions: a bit of sorrow, because it’s the most fun/busiest season for us; but also some relief and a feeling of renewal, as we gain more time to devote to clients, organization, general business concerns, and continued education. With summer now officially past, we can look ahead to sweaters-and-boots temperatures, changing colors, and—surprisingly—a really great time to buy a house.
While most buyers in Minnesota tend to spend the spring/summer season looking for homes (for obvious reasons: we understand that the potential for snow in October is real, and moving house, in addition to inclement weather is simply no fun!), there is much to be said for waiting it out. Here are a few of the pros and cons to buying in the off-season.
It’s a no-brainer that fewer buyers contending for limited properties will always work in favor of active buyers. While the inventory may be smaller in the fall, there are also fewer buyers out looking. Because of this, properties may not sell as quickly, and multiple-offer/bidding war scenarios are less common.
Lowered Prices/Motivated Sellers
Unless under duress for one reason or another, most buyers will list their homes in spring or summer, anticipating a sale before the leaves begin to change. If their home is still on the market after Labor Day, sellers may be inclined to lower the asking price, depending on how motivated they are.
Discounted Services
If your MLS search is heavily peppered with fixer-uppers, buying in the fall has the potential not only to get you a lower purchase price, it can also help you save resources if you’re hiring out for services. Winter is typically lag time for builders and contractors, giving you more leverage when negotiating for services and labor.
Autumn is a great time to buy a home, but, wherever you are in the process, the best time to buy is when you feel ready. Consider the pros and cons of buying, and do what feels right for you—regardless of the season.
Angela Anderson, Realtor, Results Support Services: EMAIL--BIO
Licensed Associate Working with Sharlene Hensrud of RE/MAX Results, and HomesMSP--Sharlene, John, Angela