Should You Buy a Home Before the End of the Year? What Fall Buyers Should Consider

Whether you didn’t find your dream home this summer or you’re just now considering a move to St. Louis, you may be wondering, “Should I buy a house now or wait?” Fall typically means there are fewer homes to choose from, but it also has the advantage of less competition from other buyers. So is it better to wait until spring when the market heats up again, or keep searching now and hope you find the right fit?

The truth is that the best time of year to buy a house depends on your situation and priorities. Autumn can bring unique opportunities if you’re willing to be patient and flexible. We’ll tell you what that might entail, and why the search can go more smoothly with the help of a great realtor.

Now that school has started, families are less likely to move—especially those in favorable St. Louis school districts. If a home does become available in a neighborhood great for kids, it’s likely that you will face a bidding war with other eager parents.

Even if children are not a concern for you, lower inventory means the chances of finding a home that checks all of your specific boxes might be slim. For instance, there may not be a 3-bedroom with a pool in Kirkwood, or a 4-bedroom with a finished basement in Webster Groves. You may need to be flexible and look for a home outside of your target neighborhood that meets your needs.

And between holidays and other fall and winter events, it may be a difficult time of year to schedule showings, not to mention coordinating inspections and appraisals. The unpredictable weather that St. Louis is known for could bring ice or early snow, making it harder to evaluate roofs, landscaping, drainage, and other exterior features. Long story short: the whole buying process can take a little longer if you’re in a big hurry to move.

While spring and early summer are historically the best time of year to buy a house, fall offers advantages that no other season does. 

Less competition means sellers are more motivated, so it may be possible to negotiate a better price or terms. This means when you do find a home you’re happy with, you might get the seller to accept a lower price, cover closing costs, or make repairs. 

In addition, fewer competing offers can mean a calmer home-shopping experience. Instead of feeling desperate to purchase a house as soon as it pops on the market (and possibly paying more than your budget had planned), you have time to carefully evaluate each property you see. This can prevent buyer’s remorse, which happens especially when a home ends up needing unexpected repairs or requires a lot of maintenance. 

And for some people, there may be financial advantages to buying a home in the fall. Closing before the end of the year may have tax or financial-planning implications, so it's worth discussing with your tax professional.

The bottom line: Fall can be a particularly appealing time to buy if you value negotiating power, appreciate less competition, and can take time to browse.

When it comes to answering “should I buy a house now or wait,” it really depends on your personal situation. Here are some tips to turn your autumn home search into a great experience.   

Have patience. When inventory is limited, it can be tempting to buy the first acceptable house you see. Patience gives you a better chance of finding one that best fits your budget, location, and priorities. 

Don’t be too picky. Available homes may not match your needs perfectly, so it helps to be open-minded. If you love St. Charles but there are no homes there that fit your growing family, consider looking in St. Peters since it’s just 7 miles down the road and offers great schools and parks. Dreaming of a finished basement with a bar but can’t find one? A home with an unfinished lower level offers potential to make it what you want. And just because a home doesn’t have an updated kitchen doesn’t mean it’s not move-in ready; you might just need to budget for improvements down the road, or negotiate a lower price. 

Be flexible. Sellers this time of year will likely need to plan closing and possession dates around holidays or school schedules. If they get multiple offers, they may pick the one that’s willing to work around their timing needs. 

Hire an experienced real estate agent. Having an agent by your side can be especially helpful in the fall, since they can: 

• Spot new listings quickly and spring into action if it fits your criteria.
• Identify motivated sellers who might be willing to lower the price if they’re ready to move before the holidays, or need to relocate for a job.
• Negotiate closing costs, repairs, or inspection concessions, especially if there are no other buyers to compete with.
• Show you important things to evaluate when it comes to cooler weather, such as heating performance, drafts, and roof concerns.
• Keep the process moving. If you're hoping to close before the end of the year, an agent can coordinate inspections, negotiations, financing deadlines, and other moving pieces to help prevent unnecessary delays.

Most importantly, a good agent can help you balance patience with action. Fall may offer opportunities for negotiation, but having someone who knows the local market can help you recognize when a home is worth pursuing rather than waiting for a potentially better deal. 

Our agents at Berkshire Hathaway HomeServices Select Properties know the St. Louis market in all seasons. We’d love to help you find a home this fall, or discuss why you may be better off waiting until the new year. Contact us today so we can get to know each other.