The frenzy of the summer real estate market has cooled and now may be a better time than ever for buyers to do some house hunting! According to realtor.com®, October is the best time to snag a deal on a house. RealtyTrac analyzed more than 32 million sales of single-family homes and condos between 2000 and 2015, finding that those who purchased in October paid 2.6 percent below the average estimated full market value for their property. Why might that be the case?
1)Less focus on landscaping. While the spring and summer bring green grass and plant life, fall may actually allow buyers to concentrate on the condition of a home’s exterior better.
2)The pressure is off. Less competition from other buyers who are pressed by deadlines, such as the start of the school year, means a stress-free pace.
3)Better deals. Those who are selling in the fall likely have personal deadlines they’d like to meet, such as relocating for a job or closing by the end of the tax year. Sometimes, sellers are more willing to lower their asking price than they would be during the summer months.
4)Fewer bidding wars. By taking advantage of the seasonal hiatus by other buyers, there’s less chance that you will be outbid by someone else.