“I’ll wait to look in Spring.. I don’t want to deal with moving over the holidays.” We hear this all the time. Truth be told, the Fall is an excellent time (and some may even argue, the BEST time) to buy and/or sell a home. We’ll outline a few reasons below.
1) Mobile market
We live in Metropolitan Indianapolis which is home to some very large companies. People are constantly relocating to and from our area for work and often times, employees are moving to be ready to start somewhere new for the New Year.
2) Serious buyers
For sellers, when you list your home during the Fall and Winter, you’re not messing around with looky-lou’s or nosy neighbors. The buyers looking at homes right now are serious – why else would they be touring houses during football games on Sunday or bundling up in the cold or snow to tour a home unless they were seriously considering purchasing it?
For buyers in the Fall and Winter, you may have less competition as not as many people are out there looking to move. In some cases, this may mean you don’t have to deal with multiple bidders or pay over list price for a particular property.
A move in the Fall and Winter can be a lot less hectic and the process a bit more relaxed.
3) Low interest rates
Interest rates are likely to rise, but for now, they are still historically low meaning more people are able to afford a home. This may not be the case in the near future as our market shifts. Also, research from CoreLogic projects mortgage rates, inflation, and income will rise gradually over the next year. This research suggests the median sale price will rise, thereby raising the median mortgage payment. “Based on these projections, the inflation-adjusted typical mortgage payment would rise from $848 in 2017 to $983 in 2018, a 15.9% year-over-year gain. Real disposable income is projected to rise about 3.6 % over the same period, meaning next year’s homebuyers would see a larger chunk of their household budget devoted to their mortgage payments.”
4) Less competition
Inventory in Metro Indy is still down this year. There just aren’t many great homes on the market and when a good one pops up, it isn’t available for long. What a great time to sell if you can list your home and know it will likely sell in a shorter amount of time. There are people looking to buy all year round but since the majority of homeowners wait to list in Spring, they miss out on a pool of ready, willing and able buyers in the Fall and Winter months.
5) Preparing for change
Believe it or not, 2018 is around the corner. With a New Year comes new goals and new dreams. For many, this could mean homeownership. Whether it’s a millennial planning to finally getting out of their parents’ basement, a renter excited about owning a piece of the American Dream or a family ready for more or less space, a New Year brings about change.
The girls at Above & Beyond Realty are here to answer any questions you might have and to help you when the time is right. Let us know if you’d like to chat more!