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Is Fall a Good Time to Buy a Home?

If you are thinking about buying or selling a home, you may get a lot of advice from friends and family on the best time of year to make your move. Most will likely advise you to look for a home in the spring or summer. While it’s true that there is usually a bit of a frenzy in the spring and summer, this does not always mean that you’ll find your best deals during this time. There are some very strong advantages to looking for a home during during a less busy time of year, especially if you don’t have constraints of children in school and other challenges.

When is the best time to buy a home?

You might be surprised to learn that October is actually one of the best months to buy a home! According data tracked by RealtyTrac, based on 32 million home sales over 15 years, buyers who purchased in October actually paid around 2.6% less than the estimated market value for their homes.

Now, every market is different, and the Greater DC area is still experiencing a shortage of homes on the market, with more buyers then sellers. This has lead to many homes selling OVER the asking price. But don’t be discouraged. Shopping for a home in the Fall could still net you a decent deals. Why? Keep reading.

Less Competition Has Advantages

The Fall often means fewer buyer are out looking. For those who have kids in school, the beginning of a new school year means lots of activities and sports that make it challenging to look for a home, much less move. Many buyers who did not find a home over the summer take a break in the Fall and during the holidays.

Of course, sellers are often in shorter supply in the Fall for many of the same reasons. But if you persistently jump on promising new listings, you will likely find that gem. With fewer buyers in the market, you may be able to negotiate an offer without having to compete with numerous other buyers.

Don’t Shy Away from Holiday Home Shopping

Many buyers exit the market around the holidays, because they don’t want to go through the hassle of moving that can complicate holiday celebrations. Sellers who are in the market during the holidays are often very motivated to sell; they may be trying to getting settled in their new homes before the holidays, or they may have a job transfer or another motivating reason. Take advantage of this period of less competition and find those motivated sellers!

Take Advantage of Sales to Outfit Your New Home

One of the perks of buying a home during the Fall is that you may save money on some of the things you need to outfit your new home. Patio furniture often goes on clearance in the fall, and many appliance manufacturers come out with new models in the Fall, so you can take advantage of sales on the previous year’s models. Since many contractors often have down time during the Fall and holiday seasons, you may also save money on any improvements you need to make to your new home.

Buying a home is a time-consuming endeavor. While demand is high year round in the DC Metro area, the Fall may be the perfect time to turn a traditionally slower market to your advantage.  When it is time to sell or buy a home, having a local team you can rely on will make the process a smooth one. Call the Realtors® who love where they live and understand the local real estate market. ADMC Realty Group happily serves the communities in and around the Washington DC, Maryland, and Northern Virginia areas. From start to finish, we’re here to help with all your Real estate needs. Give us a call at (202)596-8101 or email us at [email protected].

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