While spring and summer have traditionally been the go-to seasons for homebuyers, fall is rapidly becoming the new sweet spot for house hunting in the bustling Chicago real estate market. Here are five compelling reasons why autumn could be your ideal season to make that home purchase:
- Prime Time for Deals: Typically, sellers rush to list their properties at the start of spring. As summer rolls on without a buyer in sight, they may become more open to price reductions. Post-Labor Day, sellers may feel the pressure to close deals, and by October, you’re likely to encounter motivated sellers ready to negotiate favorable terms.
- Reduced Competition: Chicago’s real estate market is currently favoring sellers, with more buyers than available homes. However, fall brings a shift in dynamics. Families aiming to relocate before the school year starts have largely secured their homes by this time, resulting in less competition and increased opportunities for discerning buyers.
- Personalized Attention: Spring and summer often see real estate professionals stretched thin, with their attention divided among numerous clients. Come fall, realtors have more time to dedicate to prospective buyers. This also holds true for mortgage lenders, home inspectors, painters, handymen, and movers who can offer more personalized service as the market cools down.
- Year-End Savings: Purchasing a new home often goes hand-in-hand with making improvements and acquiring household essentials. Fall aligns with excellent opportunities to save on these additional expenses. Consumer Reports suggests September for freezer and lawn mower purchases, October for snow blowers, and November for affordable appliances.
- Revealing Home Flaws: The fall and winter months bring harsher weather, which can reveal a property’s vulnerabilities. This season provides an excellent opportunity for buyers and home inspectors to see a home’s true condition. Uncovering potential issues before making an offer is far preferable to discovering surprises months after closing the deal. In fact, rainy or snowy weather is the ideal time for a thorough property inspection.
Feeling convinced that fall is the perfect time to embark on your home buying journey in the Chicago market? Connect with one of our experienced loan officers today to kickstart your exciting new chapter in homeownership!”