Fall is a beautiful season in central Ohio and may just be the best time of year to buy a home. The real estate market in and around Columbus, like much of the rest of the country, tends to shift with the seasons of the year. Spring and Summer are typically the busiest times, while Fall and Winter slow a bit. Around this time of year, most people begin focusing on the Holidays and the upcoming winter and are less focused on buying a home. Here are 4 reasons the Fall is the time to buy:
FEWER BUYERS MEAN LESS COMPETITION
Now that the school year has begun, families who were shopping for a home by the beginning of the school season have mostly exited the market. This leads to less competition and more opportunities for buyers. With less families in the mix, buyers who don't have children in the school system can get a little breathing room.
Additionally, when the summer ends the focus of most households shifts to the season ahead. The desire to settle in for the winter leads to less buyers wanting to make changes during the Holiday season. Buyers who are willing to move during the Holiday season have less competition which makes getting the house you want easier and typically for a better price.
LANDSCAPING FADES IN THE FALL
In the Fall, the beautiful landscaping that can distract buyers from other flaws begins to lose its luster. As the summer foilage around the house begins to die, and the weather turns to rain and snow, the home is truly exposed to buyers. Not only can this lead to lower home prices and less competition, this is also a great time of year for a home inspector to get a true evaluation on the home. This is good for home buyers to really understand what they are getting and see the home’s flaws before making an offer, instead of being surprised after the closing.
LEFTOVER INVENTORY CAN RESULT IN DEALS
When the market is at it's peak and there are more buyers than houses available, sellers tend to list their homes too high when they first go on the market. This can lead to a series of price reductions in the following months. Homes which do not sell in the Summer are likely to reach prices that reflect the home's true value by the Fall, which means home buyers can get a better deal.
FALL SELLERS ARE MORE MOTIVATED
Not all homes on the market in Fall are leftover from the Summer. Sellers may need to list this time of year due to other reasons, such as a job change, or having a house built that is now ready. Sellers who list their home this time of year are typically serious and more open to negotiating on an offer.
Additionally, buyers might get a better deal if they can close by December 31st, as a seller may want to take advantage of a tax benefit during this tax year. Buyers should look for listings that offer incentives to close before the end of the year.