Buying a house is stressful at the best of times, but throw in the changing weather during fall, the start of the school year, and an upcoming holiday season, and the pressure really piles up.
That is why top brokers are urging potential buyers to make a solid game plan before delving into what is usually a quieter market.
Here, our pros share the seven things you need to know about buying a house in fall to help you make a sound decision and ensure a smooth sales process.
What to know about buying a home in fall
Like buying a house in spring, fall offers a unique opportunity to see houses in their full light. Changing weather conditions means you get an idea of what it is like to both keep properties cool and warm and what the houses look like in differing lights, while shopping outside of summer offers a relatively quiet market with less competition.
With that in mind, this is what to know about house shopping in fall to help you take advantage of this beautiful but socially busy time of year.
1. Prices might be higher
You might not like to hear it, but common real estate trends will usually see house prices increase in the fall season.
Sarah Goss, managing broker at Southwestern Real Estate says, ‘When buying in the Fall you'll also want to understand that prices are elevated as a result of May and June being historically some of the highest closing values. Those are the closings that today's sellers are using to derive their current list prices.
‘Although an appraiser can justify that higher price, the market typically cools in Fall, there is less competition for buyers, and that causes prices to stabilize or drop a bit. This also equates to reluctant sellers so negotiations may be a bit more time-consuming.’
2. You’ll likely have less competition
On the positive side, you will have less competition when it comes to closing. However, other buyers will be serious about wanting to find a spot before the holidays, so you will still need to stand out, reminds Cindy Raney, global luxury property specialist at Coldwell Banker Global Luxury Properties.
‘Buying in the fall can be advantageous due to the limited competition among buyers. With fewer listings available, the market might feel quieter, but the homes that are on the market often come from motivated sellers. It’s important to be ready to act quickly, as serious buyers are in the market and motivated to secure a home before the year ends.’
Even when facing a race to close, remember the compromises home buyers should never make to ensure you end up with a property that you will continue to love past the first viewing.
3. Consider why it didn't sell over summer
Selling a home in summer is considered to be the smartest move if you want a large pool of buyers. If houses have been listed for a while and are still on the market come fall, you need to ask some serious questions as to why it hasn't sold before you make your decision.
Nikki Beauchamp, associate broker at Sotheby's International Realty, says, ‘Be on the lookout for homes that are well priced (but you may also wish to look at those that have languished, examine the reasons why they may have lingered and determine if there is additional negotiability and if so on what basis ).
‘Your home inspections will provide you clarity as to the current condition of the asset you are purchasing and help you to understand what your costs of ownership will be beyond the purchase price and if there are any major or material investments that will be required imminently.’
4. Consider getting an inspector
On the topic of investors, they are particularly important in fall when you will be wanting to move into a home that is already fit to keep you warm, dry, and comfortable over the coming winter.
Latham Jenkins, broker at Live Water Properties, says, ‘Fall weather can reveal issues that might not be apparent in other seasons, like roof leaks or poor insulation. Look closely at the home’s exterior and ask about the maintenance history. Homes that are well-prepared for the fall and winter seasons are likely to be better cared for overall.’
Consider asking the seller or their agent for the details of anything they have done to prepare a home for fall, such as service receipts for HVAC and heating systems, as this will give you a good idea of the quality of the fittings and maintenance.
5. It's a good time to get an agent
A good broker is important no matter the time of year, but given the smaller market and potentially higher prices, fall is a great time to work with a reputable agent to help find the right property. Tom Postilio and Mickey Conlon, agents at Compass suggest ‘engaging a seasoned broker who knows the area well and can guide you on the best strategy for securing your dream home.’
6. Consider getting pre-approval to stand out
If you really want to stand out on the market and be seen as a serious buyer, consider getting pre-approval first before entering into negotiations. This is an especially good tip for first time home buyers.
Tom Postilio and Mickey Conlon, real estate experts, say, ‘Before seriously exploring the market, be sure to have a pre-approval (not pre-qualification) in hand. That proves to sellers that you have the financial wherewithal to get to a closing table – and that can help you stand out from the competition.’
7. Consider the implications of moving at this time
Moving house is one of most stressful life events so be as prepped as possible to shave off some of the difficulty. From writing a moving house checklist, to working with professional movers and sorting out dates ahead of time, keep an eye on the many moving parts of a house move to reduce anxiety.
Before buying a house in fall, consider if this is a process you are happy to do during a busy season with unpredictable weather and big holidays such as Halloween and Thanksgiving just around the corner. If there are any unexpected hold-ups, you might find yourself moving of Christmas and New Year. Consider this worst-case scenario and decide if you want to take the plunge in fall.
Latham Jenkins, broker, also reminds us that, ‘Buying in the fall means you’ll be moving in as winter approaches. Evaluate how the property will fare in colder weather – think about heating systems, snow removal, and access to essential services. Being mindful of these factors will help ensure you’re making a sound investment that’s ready for the challenges of winter.’
If the home you have your heart set on needs renovations, will you have a functional bathroom and kitchen when you move in, or will you be having work done over winter to get it up and running?
Make packing simple with uniform moving boxes to make stacking them in a moving van quick and easy.
Label moving boxes before you pack them up to make sure they all end up in the right rooms of your new house. This nifty cordless device has lots of styles, fonts and even emojis you can include to help you label swiftly as you go and comes with two start label tapes.
Keep your belongings safe from damage during a move with robust packing paper and box fillers. Use sticky tape to secure your wrapping to avoid fragile items smashing from the top if the paper unfolder during transit.
Buying and moving during fall offers a lot of possibilities and challenges that make this buying period incredibly unique. Remember, however, that markets vary widely depending on your location and current market events. As such, always work with a reputable agent to help you through the process in your area for the most satisfying and worthy results.
Next, delve into what experts say you can do when moving house with pets to ease the transition on them.
