The housing market is subject to ebbs and flows on a seasonal basis and one of the slower seasons tends to be fall. While the housing market isn't expected to make a massive rebound in the next couple of months, there are ways prospective homebuyers can take advantage of the seasonal slowdown.
Mortgage expert and President of NAMB (The Association of Mortgage Professionals), Don Frommeyer, CRMS, says, “The slow season is coming at a difficult time for the housing market as we were really starting to see housing starts jump and builder confidence grow. That being says, potential buyers are at an advantage if they ignore convention and face house hunting in the off-season head first.”
According to Frommeyer there tends to be several advantages, including less competition and motivated professionals.
“There will likely be fewer people house hunting, meaning buyers can be less aggressive with their first offer. In addition, sellers tend to be more motivated in the off-season as they are ready to unload any properties that didn't sell during the peak season,” explains Frommeyer. “And with fewer clients shopping around, you’ll likely have more attention from both realtors and mortgage professionals, which could result in a more personalized and specific experience.”
Frommeyer suggests properly preparing and being serious about the house hunt process if savvy home buyers really want to squeeze out deals. “Take extra care of your credit score in the months leading up to your home search and make sure your job is secure. Do as much research on the houses and neighborhoods you are interested in, including tax values, flood history, etc. And don’t forget to stay up to date with the mortgage market and any activity with the Federal Reserve,” continues Frommeyer.
For more information, visit www.namb.org.