Zillow's Tips for Buying a Home in the Fall

Now that Fall is in full swing, you may be ready to buy a home after watching the market over the summer and determining that prices and mortgage rates are on the rise.  Here are a few tips featured on Zillow for buying a home in the Fall.

1.  Know your market

Different markets will behave differently in the Fall season.  While overall national home values rose 0.4 in August as compared to July, do your research on your local market instead of relying on national or regional market data.  

2.  Selection is limited

Many frustrated sellers, who were not able to unload their properties in the Spring and Summer, may take their homes off the market.  Inventories have been low in some areas over the Summer months and these subsequent withdrawals from the market will limit selection even further. Be aware of this as you search for housing and be prepared in case multiple offers are placed on a property due to low inventory.

3.  There's room to negotiate

Generally, Fall is a great time to be a buyer.  Sellers whose properties are still sitting on the market after one of the hottest real estate summers since prior to the economic downtown will be more inclined to negotiate lower offers from buyers.  And if sellers did not withdrawal their properties from the market after the summer, then they are more likely looking to unload their properties rather than sticking to a set a sale price.

4.  Check maintenance areas

While some may see cooler temperatures and rainy Fall days as a negative, for buyers, the change in weather is a great opportunity to expose vulnerable aspects of a home.  Check the heating system, gutters, landscaping, yard upkeep, possible leakage, and any other structural/maintenance aspects of a home. Then, determine how much any of these repairs/upkeep will cost and adjust your offer price to compensate for these expenses.

Read Zillow's blog here and as always feel free to contact us if you have any questions regarding buying or selling a property!  Happy Fall House Hunting!

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