Just like the season’s cause changes in weather, they also cause changes in the real estate market. In the spring, we see flowers growing and blooming, just like the housing market growing and getting stronger. In the fall, the leaves fall from the trees along with the number of buyers in the market dropping as well. As the weather gets cooler and the number of buyers dwindles down, this can be the perfect time to buy a home.
Leaves falling, potential borrowers dropping
Recently, we’ve seen Halifax shift towards more of a seller’s market. A seller’s market means that there is a smaller inventory of homes on the market for the number of buyers looking for a new property. In other words, there is a higher demand for homes. During the fall and winter, we typically see fewer buyers competing to buy a home. Families tend to look and buy new homes by the beginning of the new school year, which means they would no longer be shopping by fall. There will be more opportunities for buyers to find the perfect home in the fall and less competition between buyers. The other upside of seeing less of a seller’s market is the potential for lower prices. A seller’s market tends to make prices surge since there are more buyers, so prices will start to cool off in the fall.
Holidays just around the corner
Entering into fall, we start to get into all the holiday festivities. Fall and winter mean planning for parties and events. Homeowners tend to be very enthusiastic about selling their property during the fall and winter because of the festivities. Selling their home quickly allows them to move into their new home and plan all their holiday festivities. Owning a home is a great investment and full of memories, but it can also be the reason for taxes. Selling a home before the new year can help alleviate some of the tax burden, which can benefit potential buyers.
More negotiating powers
With deadlines coming up as the year draws closed and houses being on the market for longer than expected, it can be the perfect recipe for home buyers. Sellers can be worn out from having their home on the market for so long. They may be trying to get the property off their hands. When homes are listed in the fall, it often means that the seller needs to sell fast. They may have gotten a job offer or some other convincing reason to move, which can allow for buyers to have the upper hand in negotiating. Homes that are listed in the fall or for longer periods of time give buyers more negotiating power.
With the leaves changing color, we can expect to see changes in the housing market going into the fall, too. Buyers tend to have more negotiating power and less buyers to compete with. The holidays are just around the corner, but it’s still the perfect time to buy a home. Give us a call at Clinton Wilkins Mortgage Team to discuss how you can have an upper hand in the housing market this fall. You can also schedule a free consultation with us anytime!