Believe it or not, different housing markets behave differently during the fall. According to the real estate website Zillow, national home values rose 0.4% from July, although this is the 3rd month in a row that home values rose more slowly than the previous month.
However, markets in California, Nevada, and Minnesota are still seeing fast home value appreciation growth (at least 2% or higher). This means it’s important to know your market – if you’re buying a home in one of these areas, be prepared to pay a little more, and if you’re not purchasing a home in one of these areas, be aware of the growth in your market.
Keep in mind that as the fall season comes to a close and we enter winter, selections may be limited. Many homeowners who weren’t able to sell their homes during the busy spring and summer season have become frustrated and have taken their homes off the market, especially with the holidays coming up. So, be prepared for a smaller selection than you expected.
With that in mind, remember that you may now have the option to negotiate a previous dream home. Did you see anything you saw a few months ago but chose not to proceed because of the price? Be sure to check back and see if it’s still on the market – if it is, you probably have some room to negotiate a lower price – at this point, a lot of homeowners just want to sell their home before the holidays.
There are clearly positive and negative aspects to buying a home in the fall – you may have a smaller selection, but there also maybe be more room for price negotiations. Either way, it’s always good to get as much home-buying information as you can! Remember to check back next week for another weekly real estate tip!