The leaves may be turning colors and there’s a chill in the air, but that doesn’t mean that the real estate market is cooling down. In fact, autumn may be the right time to sell your house and here are 6 reasons why:
- LESS COMPETITION
Less listings = Less competition. Yes, typically there are fewer properties coming onto the market, but that doesn’t necessarily equate to fewer buyers. Listing your property during autumn means your property will have fewer properties to compete with and may attract more interest. Lower inventory also means that you might be able to sell your house at a more favorable price, since buyers have less to choose from. Buyers may also narrow down their wish list and you may not have to do as many cosmetic changes to prepare your house for a sale. Competing in a much smaller market can be a powerful bargaining chip to help you close before year end.
- THE WEATHER IS OPTIMAL
Cool weather = better buying experience. Similar to spring, the weather in autumn is actually great house-hunting weather. Crisp, sunny days and less sweltering, humid, rainy or cold days are advantageous to the seller. Many homebuyers abhor shopping for homes during the warmer seasons. Walking around in hot weather is just not fun – everyone’s just a little happier walking around in weather that’s conducive to getting out and about!
- CURB APPEAL
It’s a great time to create curb appeal! It’s effortless and affordable to create seasonal curb appeal by staging the front steps and entry with gold, yellow and orange mums, pumpkins and gourds. You can bring the fall theme inside with some autumn-hued accent colors, cinnamon and clove scented candles or other seasonal touches like freshly baked pumpkin muffins or simmer hot apple cider.
- MORE SERIOUS BUYERS
You know who they are: they are the browsers who go from open house to open house without any intention of buying. In off-peak times, you’re far more likely to attract serious buyers who are looking to move due to circumstance, which means you can key in on the real buyers. Come autumn, serious buyers often feel the pressure to make their move before the bad weather hits and holidays begin.
- DIFFERENT BUYER DEMOGRAPHICS
While families who want to close before the school year begins are more likely to make their move in the spring, millennials, and empty-nesters usually are more willing to jump into the fall real estate market. Also, employers who need to relocate their workers often wait for the fall, when the market tends to cool down. These out-of-towners will probably need to get through the process quickly, too, which could mean a relatively speedy closing.
- INTEREST RATES ARE ON THE RISE
The Fed has recently reported that they intend to raise rates again in 2018 and perhaps three more times in 2019. It’s possible to see mortgage rates above 5 percent before year-end if the Fed follows through with these plans. This may affect buyers who want to pull the plug and lock in a lower rate.