The residential real estate market in Pennsylvania is most active during the spring and summer months, but there are a number of reasons why those looking for a new home might be wise to wait until the fall to begin their searches. The real estate information company RealtyTrac studied 15 years’ worth of data and more than 30 million American home sales, and they found that houses sold for prices about 2.6 percent lower than their estimated market values when transactions closed during October.
The real estate market is influenced by supply and demand, and house prices plummet during the fall months largely because there are far fewer buyers around and sellers face far stiffer competition. Some house hunters who fail to find their dream homes during the summer months choose to put their searches on hold as soon as temperatures start to dip, and this can leave the field wide open for savvy and patient buyers. The fall is also a time when frustrated sellers, who have spent months opening their homes to strangers, may become more flexible and willing to negotiate.
Sellers could have other reasons to want to conduct business quickly during the fall. Families may wish to avoid the stress and pressure of uprooting during the busy holiday season, and closing real estate transactions before the end of the calendar year could provide sellers with valuable tax benefits. Buyers may also find that real estate agents and brokers have more time during the fall to answer their questions and help them find the perfect house.
When buyers or sellers have good reason to close a real estate transaction quickly, attorneys with experience in this area may expedite paperwork and take proactive steps to avoid delays. However, they could also recommend caution and due diligence when a deal seems too good or a seller too eager.