Traditionally, spring is seen as the best time to buy a new home, but this long-running trend could be changing. There is a quiet but definite move towards purchasing property in autumn, a season where several advantages can be had.
There’s less competition
Autumn is the hidden gem of house hunting. During the busy spring period it can feel as if you’re losing out on properties almost daily, before even managing to schedule a viewing, but the market isn’t as crowded come September.
The prospect of less competition comes with the slight caveat, however, as it depends on where you’re hoping to buy. While it may be autumn in the northern hemisphere, the markets, as well as the climate, are warming up in the southern hemisphere. Hotter destinations in the United States, including Florida, also see an influx of out-of-state buyers from October onwards.
Sellers are willing to negotiate
Everything from prices to move-in dates is fair game. There’s a chance the homeowner has been trying to sell their property since the busy months of spring but is feeling fatigued by the process. This leaves the potential to make a lower offer, and to negotiate harder. As there are fewer people house hunting, the seller could find your bid more appealing as they won’t be as inundated with potential buyers as in spring.
When it comes to moving in, you may also find yourself with extra flexibility when buying a home in the fall. In some markets, there’s a rush to close a deal quickly in spring. However, with important public holidays such as Christmas following autumn, sellers would prefer not to vacate just ahead of the winter season and may be more flexible about extending move-in dates.
Not all houses are spring leftovers: there are plenty of fresh homes available in fall for any number of reasons. Plenty of individuals sell when the timing is right for them rather than adhering to what the market dictates. When buying a home in the autumn, certain deals will arise that are scarcely seen in spring.
With offices in 32 countries across four continents, Engel & Völkers is ready to assist you in buying or selling your property at any time of year. If you’re considering purchasing a luxury home this autumn, drop into your nearest branch or visit Engel & Völkers online and speak to one of our local real-estate experts.