Tips for Buying a Home in the Fall
Published On: November 17, 2015 Posted by: SB Realty
A recent blog by Joseph Scorese, Mortgage Loan Officer from Philadelphia, Pennsylvania, posted on www.Biggerpockets.com provides Tips for Buying a Home in the Fall.
Believe it or not, fall is the perfect season to go house hunting. People have spent all summer making improvements to their homes before putting them on the market, and after applying some finishing touches in August and September before the temperatures dropped, homes are ready to go for October. And while the excitement of possibly hosting the holidays as a homeowner can be incredibly appealing, there are a few things you need to keep in mind while searching for your new home:
• Know your market
The bottom line is that different markets behave differently during the fall.
• Selection is limited
Many frustrated sellers who weren’t able to unload their properties during the busy peak spring/summer buying season may take their homes off the market, particularly as the holidays approach and the action comes to a screeching halt. (Or in the case of Southwest Florida, snowbirds have come back and are ready to buy, but with low inventory it is certainly a seller’s market).
• There’s room to negotiate
Was there a home you saw and loved a few months ago? Is it still on the market? If it hasn’t sold after one of the hottest real estate summers since the economic downturn, you likely have room to negotiate.
• Check maintenance areas
Fall is the ideal time to check things such as gutter drainage and the general upkeep of the yard. How does everything look? Does anything need repair? Visit the home on a rainy day and see for yourself. Then go inside and check out the furnace, looking for drafts, leakage issues and other possible structural/maintenance problems. If they’re apparent, determine how much money it’s going to take to get everything up to snuff and factor that into your offer, adjusting your price accordingly.
• Don’t be fooled by the surroundings.
Construction often slows down at this time of year, but that doesn’t mean it won’t pick back up again. What seems like a quiet and peaceful suburban neighborhood might be unbearably noisy with construction vehicles as soon as spring rolls around again.
• Take advantage of incentives.
Since it’s getting close to the end of the tax year, many builders often try to entice you to buy before December 31st by offering various incentives.
• Be prepared to invest some serious time.
Fall is the second-busiest time of the year for buying a home, so you need to be on top of your game if you’re going to find your dream home during this time of the year.
There’s a lot to consider when you are in the market to buy a new home. Every potential buyer should look beyond the asking price, and think about the expenses that may seem minor, but are still important – closing costs, utility bills, privacy, and maintenance/repairs, just to name a few. As you approach home ownership with all of those expenses in mind, make certain that it leads to a sound long-term investment of great benefit and enjoyment.