Is The Fall A Good Season To Buy A Home?
We are living now fully in the Fall season of 2022. Temperatures are falling steadily, and our parks and gardens are less lush. People are busy planning their end-of-year holidays or finalizing their financial projections and budgets for 2023.
Is such a family and professional environment the right time to consider buying a home? The answer is that yes, it is! There are many reasons why the Fall of 2022 is an exciting time to buy a home.
Nature and real estate
Let us first explore the seasonal reasons that happen year after year. All of these are related to the effects of nature on the real estate market.
- You get a more realistic view of the home. The pictures almost always show green lawns, flowers in full bloom, and crystal-clear pools under a blue sky. Some of these eye-catchers might be real, but when you visit a home during Fall, it will be easier to grasp how well-maintained it is and what improvements you need to make.
- You get less competition from homebuyers with school-age children. Fall is right in the middle of the school year. Families tend to avoid changing in the middle of their children’s academic term. This means that many potential competitors will not be in the market while you are.
- Cold weather discourages some buyers from visiting houses. Although the weather is the same for everyone, if you are brave enough, you might have less competition looking out for the home of your dreams.
The economy this Fall
And now, we will review the forces that make this Fall season unique from an economic point of view.
- You will have some more choices. Existing home sales inventory in the Western U.S. grew by 1.5% during August 2022. This might not sound too dramatic, but it shows that the trend has shifted.
- Prices are still rising, but more moderately. As I discussed last month, the Bay Area’s real estate remains tremendously pricey, but there are signs that prices will no longer rise.
- Higher mortgage rates mean higher monthly payments but also less chance of a bidding war. We have seen a steady climb in mortgage rates this Fall. It has been painful to watch, but it makes bidding wars less likely.
We can help you no matter the season
Winter, Spring, Summer, or Fall, buying a home is one of the most challenging decisions you can ever make. It has implications for your well-being and even for future generations. We at The Cal Agents have put together a team of professionals that is ready to help you no matter what the season is.