Four reasons fall is a great time to shop for a home
It's a well-known rule of thumb that spring is the prime homebuying season. In fact, many home shoppers who aren't able to find their dream home in spring tend to wait until spring comes back around to resume their house hunt. And sure, the mortgage markets are typically most active in the spring but that doesn't mean the market stops the rest of the year.
There are unique benefits to each homebuying season and that includes fall.
Before you throw in the towel until next year, here are four reasons why fall is a great time to go house hunting.
There’s less competition
The Pacific Northwest has a lot of prime real estate. Homebuyers compete for stunning views, convenient locations and classic curb appeal. All of this leads to a highly competitive housing market. But the buyer pool shrinks this time of year which results in less competition and a bit more of a streamlined shopping process.
Prices are dropping
Leaves, temperatures and prices start to fall this time of year. With fewer buyers in the market, sellers who weren’t able to close a deal during the peak season may seek to unload their homes before the holidays. Plus, the price drop may just bring an otherwise expensive home comfortable into your budget both in terms of mortgage payments and down payment. If your dream home was a little outside of your budget and it hasn't sold then keep an eye on it when the seasons change.
You’ll have more options
When people ask themselves, "How do I buy a home in Oregon" they rarely consider the buying power they possess during the fall. Since fewer people buy homes in the fall, inventories are usually at their highest — especially for buyers seeking starter homes. That means more opportunities to find a home that checks all your boxes.
Real estate agents aren’t as busy
With fewer clients actively seeking homes, chances are your real estate agent will have more time to devote to your personal search. It’s not just real estate agents either — lenders and title companies are also busier in the summer, which means mortgages can take longer to process. Buying in the fall or winter, when there’s not as much activity, could help speed up your purchase.
If you still haven’t found the right home, or if you’re just starting your search, don’t let the fall market cooldown dissuade you. The change in temperature might be just what you need to finally snag the home you’ve been waiting for.
No matter where you are on your homebuying journey, our mortgage team is here to help.
