Fall has officially arrived and the leaves are starting to turn… a sign that we are moving into what I have long thought to be the best time of the year for buyers. Here are 3 reasons why…
1. Less competition
Not as many people buy in the fall and winter so you are not as likely to get into mulitple offer situations or have to make a decision as quickly… however, good properties can sell quickly regardless of season so be careful not to get too complacent.
2. Prices soften… (and interest rates are still low!)
As demand starts to go down, prices usually stop going up and may go down a bit… even if list price isn't lower, sellers may be more willing to negotiate when there aren't as many buyers vying for the same property. Interest rates are also still hovering at historical lows in the 4% range… no guarantees how long that will last but most economists seem to think rates will be in the 5% range next year.
3. Still enough inventory to have housing choices
New listings tend to drop off during the late fall and winter months, but in early fall the choices are usually still pretty good before taking a significant winter drop… meaning you still have choices with less competition and potentially better prices. It usually takes several months in the new year before the supply builds up again, so competition can be fierce as new listings start coming on the market in spring and inventory levels rise again, along with prices.
This all adds up to what I have always considered the best seasons for buyers.
Winter is when you can get the best 'deals' and lowest prices if you can find what you want, but the supply is usually low so they can be hard to find.
In the fall buyers get the benefit of less competition and lower prices PLUS a fairly good supply. Contact us to get started!
Sharlene Hensrud, RE/MAX Results – Minneapolis Buyer's Agent