Why Fall May Be The Best Time of Year to Buy a Home

As with any big purchase, buying a home can be both exciting and stressful. Before you put in an offer, there are many factors to consider, including the best time of year to shop around, negotiate prices, and finally settle into a new home.

While spring has historically been the most favorable time of year for buying a home, due to warm weather and the anticipation of the start of school, purchasing a home in the fall season offers many benefits for prospective buyers. 

If you have some flexibility, then consider purchasing a home in the fall. Switching home-buying seasons is a strategic way to save money, move on your own terms, and streamline the contract and loan approval process—here’s why. 

Additional Savings and Flexibility

In the spring, some homebuyers scramble to beat the competition by putting offers on multiple homes and, in some cases, making snap decisions to ensure they’re not edged out. The market tends to be more relaxed in the fall. With fewer competitors, buyers have more room to negotiate closing dates and prices.

The real estate market can be uncertain, and you can never be sure what will happen in the market a few months from now. Since the pandemic, mortgage interest rates have been at an all-time low. Along with saving money on the purchase price, interest rates are currently in the borrower’s favor this fall season. 

More Time and Attention from Professionals

The buzz of the spring home-buying season may leave real estate agents overextended, with limited time to dedicate to each client. In a less saturated market, real estate agents have more time to help each client find their dream home. During a slow period, brokers may even be more inclined to hustle on your behalf and help lock in a deal. 

In addition, getting your future home inspected is a key step before being able to close. Appraisers have much more availability in the fall, unlike in the spring when many homebuyers are stuck waiting on an appraiser to come to the home. Also, comparative to spring, our loan officers are filtering through fewer prequalification letters in the fall, allowing for individualized attention and enabling a faster turnaround for loan applications. 

Increased Efficiency and Safety

Whether you are hiring movers or taking the DIY approach, there is no getting around the physical challenges that come with moving. Though it depends on your location, autumn tends to come with a cool breeze and low humidity. Moving in lower temperatures can overall speed up the process.

Scheduling renovations is typically the final step when moving into a new home, and spring has long been the time of year when homeowners revamp their houses. The springtime surge in demand for contractors can cause long wait times for home upgrades, whereas contractors and other tradesmen may be able to get the ball rolling on renovation projects much faster in the fall. 

As you plan the process of buying a home, having a bank you can trust can make all of the difference on this exciting journey. At First American Bank, our loan officers offer a personalized experience. They’ll help you get your paperwork in order, apply to be pre-approved for a mortgage, and offer professional guidance with your best interest in mind every step of the way.