If you're sipping your first pumpkin latte while checking your fantasy football rankings and skimming past posts about your friends' kids' first day of school, then you know it's begun - Fall. It's subtle now, but in a few weeks, as the temperature drops and the leaves change, it will be undeniably present. At the same time, many of the city's buyers will slow their home searches and resign themselves to the Spring 2017 market. But they could be doing so mistakingly. The Boston real estate market has seen a rare supply shortage in the last 6 months, making it fiercely competitive for buyers. Many homes are selling after only days on the market, and most for over-asking with buyer concessions like the forfeiting of a finance contingency or inspection. Many frustrated buyers have missed out on numerous properties. Once Fall hits, however, many buyers pull their focus from real estate and turn it toward school, the holidays and preparing for winter. This presents a huge opportunity for buyers who aren't restricted to a Summer move, especially because last week, 53 new properties hit MLS - the biggest influx of inventory we've seen since the Summer began. It's simple economics: more inventory equals more supply, less buyers equals less demand.
Another great perk of buying the Fall - since the market generally slows down toward the end of Summer, agents find themselves with more time to focus on individual clients. If you have a good agent, you should always feel like their most important client, but you can be sure to get much more attention after Summer has passed. Here are a few of the other great perks of buying a home in the Fall months:
- You'll can still take advantage of tax breaks
- Sellers who put their homes on the market in the Fall are oftentimes more serious - meaning they have a reason to sell and are more likely to be open to negotiation
- You can take advantage of end of year sales to outfit your home