The Beaches, Leslieville, Riverdale and East York Real Estate Specialists – Your East End Toronto Real Estate Team | The Wright Sisters Team

Buying a home in the fall.

28 October 2015
LINDSAY WRIGHT

Buying a Home in the Fall

Spring may be the most popular time to buy a home, but fall has a lot to offer serious homebuyers.  Despite some of the challenges of purchasing in more of an offseason, buyers have a lot to gain in the autumn market.

After the hustle and bustle of a busy and hot summer, many of us look forward to the cooler autumn weather. As the seasons change, the air is refreshed and the fall colours start to show. Happily, we bundle into cozy sweaters and curl up with a warm beverage. But there is more to this season than a change of pace and colourful trees. This can be a perfect time to take advantage of a waning housing market. 

Pro: Less Competition

Now that the weather has taken a cooler turn, expect to see less people making the rounds at open houses. Serious buyers with a clear purpose can certainly benefit from this and avoid situations like bidding wars. Expect swifter transactions and the possibility of getting a better deal due to your increased bargaining power.

Con: Less Inventory

If it is an option, most sellers will wait out the winter in a home and list it in the spring when eager buyers are ready to get out and fervently look at homes. There are fewer houses available to purchase in the autumn, presenting a challenge to buyers who may feel pressured to settle for something less than they had hoped for.

Pro: Serious Sellers

If houses are on the market in the fall, sellers were either not willing or able to wait for the spring to list. With less buyers out there looking for properties, sellers are eager to be flexible and complete transactions before winter sets in. Buyers will find that negotiations are generally easier for them. 

Con: Unpredictable Weather

Colder temperatures, freezing rain and the occasional snowfall may actually prevent you from wanting to go out and search for houses at this time of year. Looking out on a dreary day is not the best way to get motivated to go house hunting.

Pro: Home for the Holidays

Stay one step ahead of Mother Nature before the winter sets in. It may be cooler outside, but nippy weather is actually more pleasant for moving than short, frigid days in the dead of winter and sticky, sweltering conditions at the height of summer. Purchasing in the fall means that you will literally be home for the holidays.

Con: Shorter Days

Less hours of sunlight can cause difficulties for buyers trying to get a complete picture of the home they wish to purchase. As a result, you may need to leave work early and visit a property on several occasions to ensure that the home and the neighbourhood it is in will suit your specific requirements.

Pro: Increased Flexibility

Most sellers want to avoid moving in the middle of winter or during the holidays. For this reason, they are often more cooperative when agreeing upon move-in dates. You may be able to negotiate on closing and occupancy dates that fit with your own particular needs.

Spring is traditionally the most popular time to purchase a home, but if you are a serious buyer you will find that fall can be an incredible time to get into the home of your dreams. Take advantage of a situation where motivated sellers want to cooperate with buyers to complete transactions in a market that is losing momentum before the winter lull.