We’re officially heading into fall. Pumpkin spice lattes are everywhere and the leaves are starting to change color.
Fall is a really fun time of year, but this season does mean something entirely different for our real estate market. Today, I’ll explain what separates the spring real estate market from the fall real estate market.
Most people who want to sell their current homes so they can transition into a larger home like to list their homes for sale in the spring. The same is true for sellers who have children; these sellers want to move into certain school districts. Spring is the time when most sellers who want top dollar for their properties tend to list their homes.
The fall market is a little bit different. The fall market is comprised of properties that have lingered throughout the spring and summer market. Perhaps the property was priced too high or perhaps it simply wasn’t an ideal property for any buyers. In any case, these properties have lingered into fall, and with the winter market ahead of them, these sellers tend to drop the price.
Ultimately, this means that a property that was overpriced in the spring may be in a more comfortable price point come fall.
The second major difference in the fall market is that there are people who did not want to move their families during the spring or summer. These people are looking to take advantage of the lower prices in the fall or winter market.
Those are the two main differences between the spring and fall market. If I wanted to list my home and buy a larger home, I would say that fall is a great time to do that.
However, year after year, we lose a lot of buyers in the fall. These buyers have been out in the spring and summer market. Without any available inventory in a price range that is attractive to them, buyers get frustrated and quit looking for homes. That is certainly understandable. It’s not easy to be outbid on house after house.
That said, don’t give up now. I think stopping your home search in the fall is a big mistake. There are usually price reductions in the fall, which gives you a great opportunity to get a premium property at a discount. In the fall, there is more price power for the buyer.
There are also fewer buyers to compete against, so it makes a lot of sense to consider purchasing a home in the fall. So, get energized and start looking for a home! (Again!)
If you have any other questions about the fall market, please don’t hesitate to reach out to me. If you are interested in buying or selling a home, I can certainly put you in touch with a rockstar real estate agent. Just give me a call or send me an email. I would be happy to help you!