Autumn is the most anticipated time of year for this East Coast gal. I never appreciated the Season’s novelties more than my first October in California where we had the same weather 365 days a year. Some of my favorite things in life are: sweaters, scarves, bonfires, warm drinks, soups and boots- Fall is my season. But one thing that doesn’t typically happen in the Fall: moving. Everyone always raves about the Summer market for buying and selling; but the real hidden gem is the Fall.
Within my realm of experience at this present moment I’m working a healthy balance of people selling their homes and families buying homes. I’m interpreting this as a microcosm of the general Maryland market. For instance, this Summer I had a lot more buyers than sellers, very normal for me. The inventory was incredibly high and if we didn’t go under contract on a property with the terms we liked, there was enough selection that we weren’t devastated. At the same time, though, with there being 60 properties and 30 buyers, the competition was fierce (which almost always benefits the seller of the home).
Now in the Fall, there may only be 20 homes instead of the 60. But there are only 3 buyers and they are determined to move –lets be honest, no one likes moving during the holidays. How this benefits the seller is that a buyer who is looking in October/November is serious, they need to get under contract as soon as possible. How this benefits a buyer is that there is less contract competition , that seller isn’t going to wait around for another buyer and are more willing to compromise. The market in this respect is a knife-edge and where an expert negotiate like myself thrives.
Reasons to participate in the housing market this Fall:
- Interest rates are predicted to rise
- The settlement process will be MUCH quicker with Holiday Season
- Better cooperation between Buyer/Seller
- Inventory is low! (+) less competition for the sellers (+) less buyer traction so sellers are more open to working out a deal
The lesson to learn here: there isn’t a ‘best’ time to buy or sell, arguments can be made for both sides. The time to ‘go for it it’ is when you’re ready and when you’ve found the right agent locally who can help layout the expectations.