A crash course on buying a home this fall

Autumn is in the air! Before you know it, you will see leaves falling and temperatures cooling, a sure sign a change in season is here. Speaking of changes, could this season be a good time for you to purchase a new home? Most home buyers try to pick the right time to enter the market, so you may be wondering what conditions typically look like in autumn. Purchasing a home this season can offer lots of benefits, but there are still many considerations to face! Here’s what you need to know, and how to prepare.

Is autumn a good season to purchase a home?

First, you might be wondering if this is even a good time of year to buy a home. Often, this season can be great for buyers, for a couple of reasons. First, autumn falls between the spring/summer market and the winter market in terms of how chaotic things are. There is less action and competition than you might see in the warmer months, but there are more listings than you generally come across during the winter. This leaves buyers in a nice spot, where they can often still find a suitable home, without as much stress.

With this comes the potential for lower prices, or higher negotiating power on your end. Less demand means sellers won’t dominate the market and will need to price their homes accordingly. If they are eager to sell, they are more likely to compromise and work with you to find a price that makes you both happy. With the help of your real estate agent, you can likely work out a favourable purchase price.

What are the challenges?

Even though buying a home this fall can be a great move, it can still pose some obstacles. First, we have to address the fact that the cost of homeownership is becoming increasingly high. Even as interest rates go down, house prices are often still extremely steep. This can make it challenging, especially for new buyers, to break into the market. Purchasing a home any time of the year requires lots of careful consideration, not just in autumn! The other factor to consider is if you buy a home this fall, winter will soon be upon you as a home owner. This can be a tricky season to deal with in terms of home maintenance and repairs, and suboptimal moving conditions. Be sure to prepare yourself for the work that comes with owning a home during the winter season.

How can you prepare yourself?

If you’ve decided to go ahead with the purchasing process this fall, it’s time to start getting ready! Before you do anything else, be sure to get your mortgage pre-approval in place. This will help you understand what you might be able to afford, which will guide your search and shape your budget. It can also speed up the final approval process down the line if the lender already has a lot of your information on hand. 

You will also want to take the time to find the right real estate agent for this process. It’s important to work with a professional who has experience with the area you want to buy, and your situation as a buyer! For example, if you are a first-time buyer, it is best to work with someone who has a background in these types of transactions. Your agent will help you find properties, prepare offers, and negotiate sales. 

Finally, make sure you are clear about your housing needs and wants. You likely will not find a home that has every single thing you want and need, so it’s important to focus on the requirements first. At the end of the day, things like location and price are more important than the size of your yard or the inground pool you wish you had. You should still be selective about the homes you view, but make sure you prioritize what is truly important.

Buying a home this fall is an exciting decision to make! It can offer lots of opportunities and excitement, and we are here to help make it happen. Make sure you reach out to your mortgage broker for the best guidance on mortgage products, lenders, and interest rates. No matter what you are looking for, we can form the perfect plan for you.

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.