We hope this doesn't scare you, but we just realized this morning that fall officially starts in exactly two weeks (Friday 22nd!).
With the Labor Day weekend out of the way, and NFL having started last night, the impending change in the seasons is becoming closer and, in many ways, more apparent every day.
There is a tendency among some would-be home sellers to put off their sale until next Spring. But this is simply not a good idea, as recent years have demonstrated an extremely vibrant market right to the end of the year and beyond.
In fact, we've observed that fall homebuyers rank among the most motivated that we see in the whole annual real estate cycle.
So why is that?
Well, today, we'd like to help answer that for you by pointing out five typical qualities of fall buyers that we've noticed:
They're serious - As the weather changes and daylight hours reduce, people tend not to make quite so many journeys out, simply for something to do. This means that less serious purchasers tend to disappear from the home viewing scene as fall progresses. What you're left with are extremely serious and dedicated buyers who want to move home as fast as they can.
They're focused - Here's a sobering thought. There are just 75 days until Thanksgiving and 108 days left until Christmas Day! Those two dates can be big targets for many fall homebuyers, who'd like to be all settled in by the time the holidays approach, so they can entertain in their new surroundings. And this matters to buyers right now, who even if they have an accepted offer today, most likely won't be closing until just before mid-October.
They're sometimes still looking for the ideal home - We've talked so much about low inventory of available homes for sale in the Albuquerque area in recent months, and we don't really need to go over that ground again today. Suffice it to say, however, that short supply inevitably means that some buyers find it more challenging to secure the home that ticks all their boxes. Consequently, even though they started looking some time ago, they may still be on their quest into the fall. What a great opportunity for sellers to take advantage of the shortfall. There's almost certainly a buyer out there right now for whom your home is the perfect fit!
They're often well qualified - Hopefully we've already established that fall buyers are serious and focused about looking for a home. It therefore logically follows that many will already be pre-approved for a home loan. Those are the buyers you most want, because they can demonstrate that they can afford your home and the whole transaction can simply move a lot faster as a result, with no nasty surprises if they don't qualify for finance.
They're often in a hurry - As year end approaches, we see more and more purchases motivated by deadline considerations. A lot of new jobs start in the new year, so buyers will often begin their home search well in advance of the change in order to be ideally located from Day One. Taxation matters can also influence the need to complete before year end and, as we mentioned earlier, holiday entertaining is on many buyers' radars as well. Let's not also forget that the continuance of very low mortgage rates also provide a big extra incentive not to put off a home purchase.
At The Romero Team, we're looking forward to another excellent fall and winter of sales activity. If you're thinking of selling why not get in touch with us today to discuss the creation of a marketing strategy that will enable you to take advantage of this increasingly important time of year in real estate.