The spring and summer housing market in Westchester can be heated, filled with cash offers and bidding wars. There isn’t the same level of urgency in the fall, yet a good house is still going to get offers relatively quickly depending on the price level. Here are the top reasons the fall market can be the right time for you to buy a house in Westchester, NY.
1. Not as much competition in the fall market
The intense competition for houses under $1.5 million dies down in the fall in Westchester. It is generally thought of as off-season but homes are still out there, even in October. The inventory that remains from the spring and summer markets may have been priced incorrectly, or need minor fixes.
While there is new inventory in the fall, it isn’t at the rapid pace of spring and summer. Still there are less buyers in general. Another advantage is that families who were on a mission to move into a new home before school started are out of the picture.
Less competition and less offers create leverage in negotiations. Homebuyers can think about offering less than they normally would, in the end getting a positive discount on the sale. Another great tip is to mention in the offer that you can close before the holidays, in order to further incentivize the seller to close the deal.
2. It’s all about you
Real estate agents are generally busier in the spring and summer. The competition for houses is hot, and agents are often doubling up showings and stretched thin. That could result in you not getting as much individualized help as you wanted. This also goes for the other services involved in buying a home, like inspections, title companies and mortgage lenders. These professionals have gotten past the piles of paperwork and appointments from all the sales and have time to breathe.
Movers are also far busier in the spring and summer. In the fall they could offer discounted pricing to obtain business because the demand for their services isn’t as high.
3. Sellers are motivated and ready
While many homes still on the market in autumn are leftovers from summer, some are on the market because the situation is right for the seller. One scenario is the sellers were building a home and now it’s done, so they are motivated to sell and move in. Or maybe the homeowner got a new job and needs to relocate soon.
Sellers are more earnestly, and often urgently, trying to sell their home in fall. During spring and summer they are often content to wait it out until they get the offer they are looking for.
4. Sellers feel home selling fatigue
There are sellers out there whose homes didn’t receive any accepted offers in the spring and summer. These home sellers may have been unrealistic in pricing their homes when they were listed. Now that time has gone by and they haven’t gotten their asking price, they might be ready to make a deal.
Since there is comparably less competition, the sellers are more motivated to accept offers that were rejected in the summer. The other, less appealing alternative for sellers is waiting another six months for the hot real estate season to come around.