In real estate we know that spring is often the best time to sell. Buyers are often told that it is the best time to buy a home. Buyers love that their kids are about to be on summer break. But what about buying in the fall?

Fall flexibility

Fall can be a quieter season with more flexibility. It can be an advantageous time from for home buyers. Seller who listed their home for sale in the spring and have not yet sold, are getting anxious. Furthermore, the sellers that are not very motivated often pull their homes off the market once fall arrives. This still leaves a good amount of inventory. This fall after a tough summer with sluggish home sales, it is a good time for well-prepared buyer to be in the market.

Less competition

Fall also means lower buyer competition and more negotiating power for buyers. Additionally, there are many sellers that have the mind set that they want to close before the end of the year. That can provide buyers with additional leverage in negotiating. Less competition means fewer bidding wars and more power to negotiate the extras. Extras can include closing cast, home warranties and repairs at time of inspection. Here’s an example. A seller knows that they need to replace the roof on their home. The house that they are selling has been on the market all summer without selling. The seller said they would negotiate the $30,000 cost of the roof. Now, when the seller received and offer, they say they will be happy to replace the roof for the buyer. No negotiation needed. What a difference a few months and fall weather can make in sellers attitudes.

Ask your lender for a deal

In addition to getting deals from sellers, buyers in the fall, may be able to look to their lender for savings. Lenders can offer closing cost incentives too. Many financial institutions set year-end volume goals. These can translate into savings for fall buyers. Many times these deals are not advertised and all a buyer needs to do is ask and close before the end of the year. Some lenders offer seasonal deals like discounts on underwriting fees, rate buy-downs or waiving processing fees. Be sure to ask your lender what deals they might be offering.

Builders are ready to deal

Another way to save money buying a house in the fall is if you purchase new construction. If you are considering a newly built home, fall might be one of the best times to make your move. This time of year, builders are eager to offload standing inventory before the end of the year. In fact, according to the National Association of Home Builders, 66% of home builders reported using incentives like mortgage rate buy-downs and discount in August. This is the highest number reported in five years.

Remember when shopping for a home that purchase price is important, but it only once part of the deal. Concessions, credits and agreed upon repairs can save thousands of dollars. Don’t forget to ask your lender if there are any special offers if you close your loan before the end of the year. Also consider buying or at least looking at new construction. New home builders may prove to provide some of the best options for fall pricing and incentives. All in all, fall is a great time to purchase a home!