Photo Credit: Matheus Viana, www.pexels.com

Many families prefer buying houses during summer when the kids are not in school, and they have all the time to relocate. Once summer is over, home sales slow down. For house hunters, fall is the best time to search for and buy a house. According to research, buyers pay up to 2.6% below the estimated value of the home. This means more money for the down payment and smaller mortgage payments.

Here’s why you should consider buying a house in the fall.

1. There is less competition

Fall is considered the off-peak season in real estate, so there’s less competition for houses. You are in a great position to negotiate. A lot of sellers want to make the sale before the holidays so fall homebuyers can make lowball offers and negotiate aggressively to get the homes they want.

1. The sellers are worn-out

Some sellers list their homes during prime season for more money and overestimate what buyers are willing to spend. After months of no sales, they are eager to make a deal and reduce their prices. These sellers are more inclined to take the lower offer than wait six more months for spring.

1. You are the center of attention

Spring and summer are peak real estate season and most realtors are busy and so are other service providers in the real estate industry. Lenders, mortgage brokers, movers, etc. respond faster in the fall. The workload is lighter so they can focus on your needs. While comparing mortgages rates from different lenders, make sure to inquire about their 90 ltv mortgages.

1. The sellers are serious

Not all houses sold in fall are summer leftovers. Some people need to sell because it is the right time. Maybe they got a new job or bought another home, whatever the reason might be these sellers are serious. To make the sale, they are willing to negotiate and accept lower offers.

1. You can inspect the home better

With more torrential rains and colder weather conditions, you can tell if the house has faults before purchasing. A home inspector can check the roof for leaks. Ensure the pipes are in good working condition. Check for drafts in the home, if the heat is working and ensure the home has adequate insulation.

1. Get great deals at end-of-year sales

You will want to make improvements or changes to your new place. You might also need appliances and other items. For instance, in September buy paint and carpets, lawnmowers in October, cookware, and appliances in November.  Take advantage of sale season and stock up on what you need without breaking the bank.

If you find what you want, it’s a smoother process than at other times in the year. The best thing about fall house hunting is the chance to slow down. Weigh your options and pick a house you and your family will be proud to call home. You might also get a tax-break so be sure to ask your real estate agent about it.