3 Ways the Story County real estate market changes after Labor Day

The time between Labor Day and Thanksgiving is prime time for enjoying the changing colors of fall.  If you’re in the market for a house, fall weather presents an ideal backdrop for strolling through the neighborhoods and checking out real estate in the Ames and Story County area. 

While some home seekers might throw in the towel after Labor Day and wait until spring to begin a new search, others will find some definite advantages to starting their home pursuit in September.

1. Fall real estate can be more of a buyer’s market
A buyer’s market means you, as a buyer, are in the driver’s seat. That’s good news if you’re home-hunting in the fall: There are typically fewer buyers after Labor Day.  The ISU acedemic calendar makes a huge impact on the Ames market with most families wanting to bet settled in by August.

But if you don’t have school-age kids, the school year doesn’t matter and you can take advantage of this. You will find that competition is down for homes after Labor Day, meaning you’re more likely to see a larger selection of homes.

2. Home prices, like leaves, fall
Many people list their home for sale during the busiest time of the year: spring and summer.  When a property hasn’t sold by Labor Day, sellers will reevaluate asking prices, creating greater room for negotiation. Many sellers who list in the fall have a pressing deadline to meet (relocation out of state for a new job, moving into a new home, and even health or financial issues).  This tight deadline may make the seller more willing to negotiate than a casual seller testing the waters in the spring.

Zillow uses historical sales data in the area to predict seasonal price variations. This Ames home priced at $150,000 would likely sell for $3000 less in the fall months as compared to waiting for spring. 

3. There’s no deadline for most fall home buyers
Many families have a deadline to be in their new home before school starts. But if the first day of school is not your concern, you don’t really have a deadline. You might want to be in a home before the winter snow begins or maybe you want to host holiday dinner in your new home, but the stakes aren’t as high if you aren’t. If you have the flexibility to negotiate on closing date, you may be able to get a better deal.

If you have been thinking about buying or selling a home and are wondering if fall is the right time to make the move, feel free to contact me at any time.  I would be happy to help you understand the pros and cons of buying or selling in the fall market.