Why The Fall Season May Benefit Homebuyers

In markets where real estate can have some seasonality to it, like that of southern Wisconsin and the Chicago suburbs, early fall could make it a good time to buy a home.

Historically, the busiest home selling and buying months in the local Lake Geneva, Walworth County area market is from March through the end of August. That is when most sellers decide to list homes and when the majority of buyers are out looking. Of course, people move throughout the year for different reasons, but the midwest market is not usually more year-around like popular markets in the south and the west.

According to Realtor.com, “the best time to buy a home is the first week of October.”

Starting with the beginning of the pandemic, and continuing well into 2021, many buyers in the local market (and many markets throughout the country) were in multiple offer situations since the demand for homes far outweighed the home inventory supply.

The local real estate market is starting to look like it did before the pandemic and there are signs (monthly supply of inventory, for one) that more homes are being listed while there isn’t a surge of many homebuyers looking to buy like there was even a few months ago.

So why is the “best time” to buy a home the first week of October?

According to Realtor.com, this week historically has shown the best balance of market conditions that favor buyers. Inventory tends to be high(er), prices are below peak levels, demand is waning, and pace of the market slows to a more manageable speed…usually.

Additionally, the local market is also driven by school schedules and vacations. Many buyers with a child/children relocating to a different area (or school district) want to have a have the child registered in time. Then are later busy with school activities, sporting events, etc. Additionally, in a “normal” year, more home sellers and buyers are back from vacations, back at work, etc.

Real Estate is local and depends on the specific market, property type and price range. There is no one size fits all approach. Some properties may still be getting numerous offers in, creating a multiple offer situation, and for some, it may create an opportunity for more negotiation than there was just a few months ago.

If you have questions about buying or selling and would like to know what your specific market looks like, contact Kristine Glockler. (708) 480-2011 or via this contact link.