Back to School is just around the corner! Parents are jumping for joy as they ready their kids to return to school. (Who can blame them?) As the hot summer eventually cools down and turns to fall, parents are not the only ones who should be excited. If you are looking for a good deal on a home, now is the time to find your perfect place. With the kids focused on school, it might just be the time to get your focus on finding your home.
Get started now, you’ve procrastinated long enough.
Waiting until August or September can have its pay offs. Traditionally there are fewer buyer’s shopping. Which means for you less competition for that perfect mid-century ranch, a little cottage, or Tudor that you have been dreaming about. No matter how hot the market is you will see price reductions and homes staying on the market longer from September through December. And schools within each market tend to drive the prices on single family homes. The pressure on property prices in these areas eases as July turns to August. With fewer buyers competing, it makes getting your offer accepted just a little higher and save some cash too. This really applies to single family homes in the suburbs. Those downtown lofts and condos, they will stay at the more consistent higher prices. So, no real deals there.
After school starts sellers tend to be more inclined to negotiate to help seal the deal. More sellers may contribute to closing costs. Which is helpful to buyers who have a good steady income, good credit, but not a lot of cash on hand. Interest rates are staying low, so buyers are feeling motivated to buy because interest will not stay low forever. A home buyers warranty, carpet allowance, are a couple of items you can ask for if sellers won’t budge on price. Price is not always the main negotiating factor involved. Flexibility to shorten or extend closings in the fall buying season can make both buyers and sellers happy.
Home buyers have increasingly had to deal with bidding wars, unbelievable cash offers, homes on the market for 1 or 2 days. The results are, buyers buying to buy because that was the only home that they sort of liked. Waiting until the kids are in school means taking your time, and finding the home that is right for you. You will be happy with no buyer’s remorse, financial regrets and things that they did not notice about the house in the rush to buy.
Be Ready with the Right Offer
In the fall research, the area and be ready to make the right offer on the right home. Sellers tend to want to get their property sold prior to the holidays. This gives buyers the opportunity to research the comps and know what to offer at just below asking or at asking. Versus the Spring /Summer over asking price, shelling out extra cash to get the home they want. Contrary to what many believe, August and September are good for buying homes and finding the right home at the right price for your budget. So, do your research, find your REALTOR® and get house hunting.
Mary Klein, REALTOR®