Just because the wave of summertime homebuyers seeking to be settled in time for the start of school has receded, it doesn’t mean sellers have lost their big opportunity! In fact, with its turning leaves and traditional family get-togethers, autumn not only embraces the concept of “home,” it marks a period of market opportunity for sellers.
Autumn traditionally sees a drop the number of homes available for purchase.
Less inventory means fewer properties to compete against and more chances for your home to catch a buyer’s eye. Of course, in even the tightest seller’s market it’s important for sellers to price their home correctly. A home that’s overpriced rather than listed at true market value can discourage buyers from even viewing the property, especially during the crucial two-week period following listing. It’s important that sellers take the advice of their REALTORS®, who have reams of data and calculators at their fingertips to help them arrive an appropriate listing price.
Fall also historically sees a decline in buyer demand that can, in some markets, lead to an expectation for autumn sellers to negotiate more willingly. However, in seller’s market conditions with limited inventory — such as Orlando and the nation overall are currently experiencing — sellers shouldn’t expect to see requests for big discounts to their initial asking price regardless of the season. On the contrary, with fewer homes on the market, sellers are likely to continue to see competition among buyers.
Autumn homebuyers are often highly motivated.
With the prospect of inclement weather coming up fast and the likelihood of a significant inventory jump on hold until late spring, autumn homebuyers are often a motivated bunch who anticipate:
• Less inventory of available homes;
• Less competition for REALTORS®’ time and attention;
• Less competition for available financing;
• Less competition for related service providers (appraisers, inspectors, title agents, etc.); and
• Homeowner tax breaks such as
• Mortgage Interest Deduction
• PMI and FHA Mortgage Insurance Premium Deduction
• Prepaid Interest Deduction
• Property Tax Deduction
• Energy-Efficiency Upgrade Deduction
By purchasing a home in autumn, homebuyers know they can be all settled into their new home in time for the holidays!
Fall colors look great on everyone.
There’s hardly a more beautiful time of year than autumn, so take advantage of it to ramp up curb appeal. Attending to your home’s landscaping is crucial for making that all-important first impression. Rake up the leaves, clean gutters of debris, and make sure flowering ornamental grasses are tidy. And who doesn’t love a pumpkin and pot of mums on the (swept) front porch? Nobody! Keep it simple, though, and don’t overdo it with fall décor (inside or out).
Jeffrey M. Fagan is the president of the Orlando Regional REALTOR® Association and is regional vice president of Watson Realty Corp.