While the fall may bring about a change in scenery, it has also traditionally slowed down the real estate market to the benefit of first-time homebuyers. Before the signs of winter emerge, J.Christopher Real Estate Group would like to share why buyers are more likely to pay a fair price for their dream home during the month of November.
“Buying or selling a home in the fall or winter is never any fun because it is usually too dark to tour homes after work,” said Jarrod C. Lewis, owner of J.Christopher Real Estate Group. “Additionally, many sellers understand that they are unlikely to get the highest price possible and will remove their home from the market. That doesn’t mean that there aren’t any homes available, it just means that some sellers might be willing to compromise on the price of their home.”
Lewis said first-time home buyers may also have a better shot of securing a home because of outside forces such as the economy. According to Mortgage Bankers Association, mortgage applications have been slowing down in recent weeks and analysts have suggested those drops are tied to increasing federal interest rates. Furthermore, a report by the Rhode Island Association of Realtors indicated that the inventory of single family homes jumped to a 4.4 month supply in September, which inched closer to the 6 month supply that would be considered a balanced market.
If you examine these statistics and consider the ramifications of the current season, home buyers have an opportune chance to nab a home before prices rise again next spring. Here are other reasons why buyers may get a better deal this time of year:
Sellers Are Tired
Some homes have been on the market for months, which could contribute to lower asking prices. Home sellers are typically tired of showing their property if they weren’t sold within 3 months. In some instances, sellers are then more motivated to sell their home quickly.
Dark clouds, excessive rain, and the cold all happen in November and it can influence a buyers’ decision. These factors may also change a buyer’s perception of homes, driving down offers even further.
Some buyers will feel discouraged by the weather, and might decide to start their search in the spring again. Fewer buyers means there is less competition for any given home.
Holidays are Fast Approaching
Preparing for the festivities ahead can be exhausting, especially if homeowners are selling a property at the same time. Buyers can take advantage of the season by offering a competitive price that is respectful of both parties.
Realtors Have More Time to Bargain on your Behalf
Since many buyers put their house buying search on hold until the spring, realtors have more time to help remaining. The additional time gives realtors the opportunity to help buyers pinpoint their ideal home and negotiate on their behalf. The agents at J.Christopher Real Estate Group stand out from other realtors in this regard because our team is also knowledgeable about comparable property values.
J.Christopher Real Estate Group has a team of professionals dedicated to helping you move into your dream home. Whether you are looking to upgrade your current home or this is your first time in the real estate market, call 401-830-6906 to start the home buying process today.