We’re already at the end of the second week of September, and the new academic year is in full swing. Parents are adjusting their schedules to fit with their children’s extracurriculars, getting used to an empty nest if their children are starting college, finishing up putting away all of the summer paraphernalia, or if you have recently moved into a new home, you’re probably getting ready for your child to venture into a new school district. If none of these apply to you, and you’re looking to purchase a new home, this is a great time of year to do so.
For families who are moving with young children, switching your child to a new school district is one of the more significant changes you will make upon moving. It also makes your move more of a time-sensitive matter because you want to move to your new home before the academic year begins. When moving before the start of a school year, your child will have a fresh start at a new school, instead of being transitioned into a school that already has its academic year in progress.
For other homebuyers, this is a great time of year to look for a new home because there will be a smaller buyer pool as a result of decreased competition, seeing as families who wanted to move before the school year began have already done so. According to an article from realtor.com, new contract signings were down 12 percent this July from June, which is not out of the ordinary for this time of year, seeing as most contracts that are signed in July won’t close until after the school year begins. As inventory stays on the market longer, pricing will go down, and if you sign a contract in September, you should be able to close before Thanksgiving, which means you can avoid the possibility of hitting a snowstorm in December at the beginning of winter.
“My buyers love looking in the early fall,” said Adam DiFrancesco, manager of business development for Better Homes and Gardens Rand Realty. “Besides homes looking their prettiest, there is less competition between buyers. In the spring, all of my buyers are very go-go-go, and many are that way due to wanting to be closed before the start of the school year. In the fall, the process is more relaxed, giving my buyers more leisure in finding their home.”
If you have been waiting for an advantageous time to buy a home, now would be one of those ideal times. You won’t have to contend with the potential buyers who come out in droves during the warmer months of spring and summer, and you won’t have to worry about the snowy and icy traveling conditions of winter. So, if you’re looking to purchase a home, look into doing so during the early fall when you have a better chance at closing on the home you have your eyes on.