Why Fall Could Be a Great Time To Buy a Home

If you’ve been waiting for the housing market to become a little more buyer-friendly, fall may bring some opportunities worth paying attention to.

Mortgage rates tend to get most of the attention, but they’re only one part of the equation. The time of year can also affect how much competition you face, the homes available to choose from, and how willing sellers may be to negotiate.

Here are a few reasons fall can be a good time to make a move.

1. More Homes To Choose From

One of the biggest challenges buyers have faced in recent years is limited inventory. By fall, homes that didn’t sell during the spring and summer are still on the market, while new listings continue to come on.

That can give buyers more choices and a little more time to compare homes instead of feeling pressured to jump on the first good option.

2. Prices May Be More Flexible

Spring and early summer are traditionally some of the busiest times of year for real estate, and sellers often price with that stronger demand in mind. As we move into fall, buyer activity typically slows. Homes that have been sitting on the market may have already had a price reduction, and new sellers may need to be more realistic with their pricing from the start.

For buyers, this can create opportunities that weren’t available a few months earlier.

3. There May Be More Room To Negotiate

Fewer competing buyers can also give you more negotiating power.

Some sellers listing in the fall have a specific reason they want or need to move. Others may simply want to have their home sold before the holidays or the Minnesota winter arrives. Depending on the property and the seller’s situation, there may be opportunities to negotiate on price, closing costs, repairs, closing dates, or other terms.

Even a modest price adjustment can add up. A 5% reduction on a $500,000 home is $25,000. That could mean borrowing less, keeping more money in savings, or having additional room in your budget after you move.

What If You Need To Sell Before You Buy?

Fall may be especially worth considering if you’re still living in the starter home you bought years ago and are ready for more space. 

Many homeowners have built significant equity in their current homes. At the same time, starter homes continue to be in demand because they tend to fall within a price range that more buyers can afford. That combination can put a move-up buyer in an interesting position: strong demand for the home you need to sell, with more choices and potentially more negotiating room on the home you want to buy.

The biggest question is often how to make the two transactions work together. Do you sell first or buy first? How much equity will you have available? Can you make a non-contingent offer? What will the monthly payment look like?

Those are exactly the questions we work through in a Home Move Plan. We can look at your current home, estimated equity, financing options, timing, and the logistics of selling and buying so you can decide whether moving up makes sense.

Is This Fall Your Opportunity?

Every home and every local market is different, so we wouldn’t recommend buying simply because it’s fall. The better question is whether the current market gives you an opportunity based on your goals, budget, and timeline. 

If you’ve put your home search or move-up plans on hold, this may be a good time to take another look. The Sandy Erickson Real Estate Team can help you understand what’s happening in the Twin Cities market and create a strategy for your next move.

Curious if the numbers and timing could work for you? Schedule a Home Move Plan consultation with our team, and we’ll walk through your options together.