According to a research from Realtor.com, the last week of September is the best time (nationally) to buy a house. But It’s a very different market from the spring, and especially so this year, so here’s what you need to know if you are buying – or selling – in the fall.
Get an Agent.
In an ever-changing market it is crucial to work with a buyers agent who can guide you through the process and represent your interests when negotiating an offer on a home. Barrett Sotheby’s International Realty agents are all experts in the areas they live in and service and will be there to assist you on every step of your buying journey – from finding suitable homes to view to knowing the location of your nearest all-night pharmacy. Read our blog to find out how a buyer’s agent can help you secure your dream home.
Know Your Numbers.
Whether you are casually browsing the market or ready to move immediately, it makes sense to secure your mortgage pre-approval now. Interest rates have been rising steadily and look set to continue to climb, so it is important to know the difference a (for example) 0.25% increase in rate would make to your monthly repayments. Similarly, understand the impact a $10,000 or even $50,000 increase in your purchase price would have on your costs. You’ll be better placed to make a decision on a home when you fully understand the finances.
With more homes on the market you have more time than in the spring to make a decision on a home – but don’t drag your feet! If you see something you like work as quickly as possible to put together an attractive offer – a well-priced home in a popular area is still a hot commodity so now is not the time to make low-ball offers.
Listen to Your Agent.
As the market shifts it’s important to listen to the advice of your agent, in particular when it comes to pricing. What the house down the street sold for during the height of the spring market is not necessarily the best starting point to price your home. Your agent will know what the market will bear now and the best way to market your home to ensure you attract the most potential buyers. And don’t panic if your home doesn’t sell in the first weekend. Homes are taking longer to go under offer than they were in the spring, but they are still typically moving quicker than in previous years - and for more money.
Present Your Best Self.
With more homes on the market you’ll want to make sure yours is looking it’s best to appeal to the most potential buyers, and at this time of year it pays to give some extra attention to your landscaping. Arrange for a tidy up prior to having photos are taken, and be prepared to keep up with leaf clearance if your home is on the market when the trees start to drop to maintain curb appeal.
Know Your Priorities.
Consider all offers carefully and think about your priorities – is it realizing the most money from your investment, or would a timely transaction that gets you moving before the winter weather kicks in be worth more to you? Knowing what is most important to you makes it easier to assess any offers with a clear head.
Before you make any decisions about moving, have a chat with one of our experienced agents. They have their fingers firmly on the pulse of the market in your particular town and can advise on whether now is the right time for you to make a move. Get in touch today!