Should you Consider Buying a Home this Fall?

Fall tends to be a good time for buyers, and according to economists at Zillow, this year could be especially good for buyers sidelined by fierce competition and a shortage of homes over the few years. Check out these 6 reasons to consider buying a home this fall:

1. The number of homes for sale is expected to keep increasing

Though inventory still remains below what it was in 2019, the number of homes for sale has been rising steadily this year, driven in part by homes lingering on the market.

2. The possibility of price cuts on older listings

Fall is traditionally when home shoppers are more likely to score a deal on a home. Listings that have been sitting on the market for weeks or months typically start to see price cuts.

3. You could have more time to shop

The number of homes sold also is slowing down, mainly because fewer buyers can afford them. The sales slowdown means that buyers have slightly more time to shop, compare and evaluate options.

4. Home price appreciation is easing

After a year of skyrocketing housing prices, the pace of home price growth is slowing. The annual rise in home values — which clocked in at 16% in July — is predicted to drop to 2.4% by July 2023. The typical U.S. home value now stands at $354,165, according to the Zillow Home Value Index.

5. Sellers may want to close by year-end

A home seller may want to take advantage of a gain or loss during this tax year, so you might find homeowners looking to make deals so they can close before December 31.

6. Fall weather can reveal flaws you’ll want to know about before you make an offer

Depending on your climate, the fall and winter months tend to reveal a home’s flaws, making them a great time to see a home’s true colors.

The housing market in Denver continues to cool and become more balanced. Is now the right time to become a homeowner? There’s only one way to find out. Contact Metrowest today and let’s discuss your options!