Ah, autumn: The leaves begin to fall, jackets and sweaters start coming out of storage, and our thoughts turn to hot chocolate and comfort foods. While we love layers and hot drinks, there's another reason we love fall: It's probably the best time of year to buy a new home.
According to MarketWatch, listing prices are about 4.8% lower in fall than they are in the summer. That may not seem like a lot, but that price drop could actually save you thousands of dollars. Here's an example: According to the National Association of Realtors®, the median existing-home price in July 2019 was $280,000. If that price falls the typical 4.8% in fall, you'd pay about $267,322, saving nearly $13,500!
When prices are down, your dollars go further. It can allow you to afford more amenities or a bigger home, put more money down, or make updates and renovations that you couldn't otherwise pay for.
If you want to get the best deal possible, buying now could save you a lot of money.
Reason #2: Less Competition