As temperatures drop, the list of reasons to step into the property market is growing. Spring and summer may be the peak periods for real estate but there are plenty of pluses for buying in autumn.
Fewer buyers means less competition
It’s no secret that prices have been cooling in a number of state capitals – most notably Sydney and Melbourne. However, improved affordability isn’t the only drawcard of today’s market.
Autumn and winter often see buyers retreat from the property market. After all, it can be tempting to stay indoors rather than head off to ‘open home’ inspections. As a buyer, that can work in your favour. It means fewer other buyers to compete against, and as homes take longer to sell, vendors are often more negotiable on price – a real plus if you’re ready for some tough bargaining.
See a property in its true colours
Autumn can also be a time when you’re seeing a home for what it really is. Summer gardens, when plants are in full bloom, can hide flaws. In the cooler months, you’re seeing the place warts and all.
Of course, it always makes sense to arrange a pre-purchase pest and building inspection, to be sure you know exactly what you’re buying.
Autumn also gives you a better idea of the natural lighting and warmth that enters the home, even during the colder months. That’s especially important when it comes to getting a feel for how energy-friendly a property is.
Lenders are lowering rates
This autumn offers special appeal for home buyers. According to comparison site Mozo, more than 20 lenders have cut their home loan rates – particularly for fixed rate loans.
This is quite a turnaround from last year when we saw a variety of lenders hike their rates independent of the Reserve Bank.
Buying a home is a major decision, and the time that’s right for you will vary according to your circumstances.
But there’s a lot to love about autumn, and a highly competitive lending market makes it worth speaking with your Mortgage Choice broker to know if the time is right for you to find your dream home.