Most homebuyers and sellers think of Spring as the traditional time to buy a home but the trends are showing that Fall is turning out to be a fantastic time to purchase a home. With summer vacations over and holidays on the horizon, homebuyers finally have a moment to look at the market and make a change before the change of the season to winter.
"We've observed in seasonal household buyer patterns that there is a higher ratio of first-time buyers and childless couples in the fall," Walter Molony, economic issues media manager at the National Association of Realtors in Washington, D.C., said in an email. The Kansas City market falls in line with this trend, showing a strong fall selling season that is only marginally behind the Spring season. "Families with children time their purchase based on school-year considerations, so they peak in the spring and summer. Month-to-month median homes prices typically peak each June or July (purchases dominated with families with children buying larger homes) and decline each September (purchases of smaller homes by first-time buyers, etc.)."
There are strong advantages to buying in the fall including sellers opting to lower their prices to avoid being stuck in the winter. And everyone becomes more motivated the closer we draw to the holidays. The buyer mix in the fall is heavy with first-time homebuyers, with move-up buyers and downsizers quick on their heels.
All real estate is local, so buyers and sellers really need to understand their local demographics and look at things like how long homes are staying on the market and what's happening with local prices more than a seasonal market shift. Call me today to learn more about your specific market this fall.