People searching for a place to own should buy a house in the fall to take advantage of opportunities they would not get in other seasons. Many factors come into play when your client is in the market for a new home. Conventional wisdom says that spring is the best season for the housing market. However, when everyone is operating under that same thinking, the market floods with shoppers, creating competition for available homes and increasing demand for HOA insurance.
Buy a House in the Fall: Market Reasons
Savvy homebuyers have figured out that the fall season is just as attractive as the spring, if not more so. Here is why.
Less Competition
As mentioned above, the competitive market is the biggest reason to avoid house hunting in the spring. The competition tapers off in the fall as soon as the school year is back in full swing. Multiple reports demonstrate annual trends of spiking home sales in the spring and summer that drop in autumn.
Lower Prices
When the number of buyers drops, so do prices. When sellers worry that they missed the boat during the hot sales season, they are motivated to lower their asking price. There are a few reasons why a seller could list their home for sale. Possibly, the initial sale could have fallen through. There is also a chance that the seller’s timing fits an autumn listing. The homeowner could have also made improvements in the warmer months. Maybe, the right buyer didn’t appear in the spring or summer. The seller likely wanted to benefit from fewer homes on the market in the fall.
More Expert Attention
A crowded housing market is excellent for businesses in the real estate industry. Realtors, mortgage lenders, appraisers, and inspectors are stretched thin in the spring but will have more time to spend with a buyer in the fall.
Accurate Home Views
Houses tend to show really well in the spring and summer when grass and foliage are green and flowers bloom. Listing photos and in-person walk-throughs are always more visually appealing, with the bright sunlight and blue skies between the end of March and late August. When potential buyers view homes in the fall, they see what they will get. Nothing is under any camouflage, and everything is in full view. The buyer would realize that the home may need hazard insurance. Your client should also get a better feel for the neighborhood when families are not away on vacation in the fall.
Negotiation Flexibility
In the competitive spring housing market, everything becomes a point of negotiation. In the fall, buyers are more likely to successfully negotiate their preferred move-in date. Additionally, they could convey their conveyance of appliances or personal items, home warranties, homeowners association coverage, and closing cost assistance than they would be in the heated spring market.
Advise your client not to rush into the crowded housing market in the warmer months. If they wait for the fall, they may realize some significant benefits and catch a deal on HOA insurance.
About Kevin Davis Insurance Services
For over 35 years, Kevin Davis Insurance Services has built an impressive reputation as a strong wholesale broker offering insurance products for the community association industry. Our president Kevin Davis and his team take pride in offering committed services to the community association market and providing them with unparalleled access to high-quality coverage, competitive premiums, superior markets, and detailed customer service. To learn more about the coverage we offer, contact us toll-free at (855)-790-7393 to speak with one of our representatives.