Many home owners ask if it’s worth the effort to sell in the fall since there’s not usually as much buyer traffic as in warmer seasons. Some people are in a situation where they need to sell quickly and others become anxious to get into their next home faster. Don’t worry, there are buyers for every season. Homes are sold 365 days a year. You only need one buyer to make a sale. There are definitely some upsides from a fall sale.
1. Fall buyers tend to be more motivated buyers. People in no hurry to move who searched in the spring or summer often stop looking as fall approaches. But the most serious buyers are going on showings all year round. Seasons don’t stop them.
2. There’s less selling competition. Most sellers like to sell in spring and summer because of the rush of potential buyers. The downside is that they find a lot more selling competition in their own neighborhoods. If you’re selling in the fall, you’re not likely to have as much competition from owners on your street or the surrounding neighborhood. If there’s little else to choose from, buyers will be more likely to purchase and agree on a higher price.
3. Closings are likely to happen faster. Because there are not as many transactions happening as in spring and summer, third parties such as lenders, title companies, and inspectors aren’t as slammed with client transactions. Delays caused by any of these necessary parties in a home sale can be stressful and frustrating. With the increased availability of these parties, you have a better shot at timely closings.
4. Buyers want a home before mortgage rates climb again. Mortgage rates are still low but have shown a slight increase. No one can predict accurately when rates are going up again. Waiting could be more expensive. Serious buyers are often motivated by the financial edge that current low rates provide.
5. The fall offers a festive time for home décor. If you’re in a neighborhood that loves fall decorations, this is a great season for buyers to enjoy seeing colorful mums, pumpkins, and other outside adornments. A festive community feeling attracts buyers. Not in your neighborhood? There’s no reason why you can’t make your home pop out among the others with your own fall décor and enlist just a few other neighbors to do the same. A bonus for neighborhoods with mature trees are nature’s bright shades of yellow, red, and orange leaves.
One caution is pricing the home right. Overpricing can hurt you even more in the fall since there are fewer buyers. Take advantage of that short supply and high demand situation within the fair market value price range. Even with low inventory available to them, buyers often turn away from sellers who’ve priced themselves off the charts.
Use these factors to help determine whether selling in the fall is the right move for you.