Ways the Real Estate Market Changes For Buyers After Labor Day

Still looking to buy a home? Before you start, we have some tips on how the market changes post Labor Day that can hopefully help you navigate through these changes and help you get the best deal!

Home Prices Start Falling

Leaves aren’t the only things dropping in the fall, so are house prices. This is due to the fact that most homeowners who listed properties in the summer weren’t able to close and end up re-evaluating their asking price. Also, homeowners can tend to be more accommodating in terms of negotiations because they want to get their home off the market!

The Market Turns into a Buyer’s Market

Summer is notorious for being a seller’s market. They can set their asking price, compare offers, and then select the best one, but this takes a turn after the holiday.  The market does a switch and turns into a buyer’s market. The reason seems to be that those buyers who are still shopping suddenly gain more negotiating power due to the decline in the competition. Also, the fall market is very appealing to singles, or young couples without children because they don’t have to worry about school start dates etc.

Fall Season Doesn’t Have a Deadline

Most home buyers tend to select certain neighborhoods because of the school system so in turn they need to be in said neighborhood before the school year begins. But, for those who don’t have children and are looking to buy in the fall they don’t have to worry about those types of deadlines. This means you can extend your search as long as you need to find the home of your dreams. Now there are those who want to buy a home before the holidays but waiting till after Labor Day or even after Thanksgiving gives you the opportunity to snag an even better deal!