Is Now a Good Time to Buy a Home?

Historically, fall has been the best time to buy a home, and I expect this fall to be no exception. Home sale prices have softened from their spring highs, and some of the summer inventory that was late to the market (missing the spring market) is still around. These properties are much more likely to be priced lower than when the seller put their home on the market, offering buyers a great opportunity to purchase a home at a significant discount over spring market prices.

In the fall, we see some comparable home sales up to 10% below spring market highs, which is excellent news for our buyers. In addition, fewer people tend be to home shopping in the fall than in the spring. Less competition and lower prices signal excellent opportunities for buyers.

Still hungry for more about why the fall is a great time to buy a home?

Consider the seller’s perspective.

Most sellers who have their homes on the market in fall want or need to sell. They are not sellers who are “testing” the market. If the prospective home has been on the market for a while, the seller’s motivation to sell is likely higher than it would be earlier in the year because he/she knows if the home is still on the market in mid-November, it’s likely going to be on the market through the holidays. The months of September through November signal a great opportunity for buyers to procure a home in hot communities like Wauwatosa, Whitefish Bay, Shorewood, Bay View, and Cedarburg at their lowest price of the year.

So, here are five things every buyer needs to know about buying a home this fall:

1. The fall housing market in Milwaukee has historically had the best prices of the year.
2. Some housing prices can be up to 10% below their spring market highs.
3. Look at “Days on Market” for an indication of the seller’s motivation level to sell.
4. Look at the average-price-per-square-foot in your desired community for trends in pricing
5. Get out of your car and walk around your desired community to get a feel for the neighborhoods.

Buyers: this is your buying season!

Helpful Tip:

Interview a few agents and get an agreement called a Buyer’s Agency Agreement with your desired agent. A buyer’s agent, and only a buyer’s agent, can supply you with the market data and negotiation skills necessary to get you a great buy. Remember, all agents in Wisconsin owe a fiduciary responsibility to the seller if they are not working as your buyer’s agent. A buyer’s agent can advise you to help you make the best choice by providing you with their knowledge about the local market and homes available and also a Market Analysis and market trends.