Why to consider fall as a great time to buy
Spring is often considered the peak season for homebuying. This is especially true for families with young children, who often make their relocation decisions based around the school year. However, for individuals, childless couples and those with grown children, the fall is becoming an increasingly desirable option as well. This could be good news for those looking to buy one of the homes for sale in Washington, DC, as the city's housing market appears to be in a strong place this fall.
According to RealtyToday, this fall could be an especially wise time for qualified buyers to enter the market. To meet rising demand, median asking prices typically rise in the spring and the summer. However, as interest wanes during the fall, prices often drop.
"A lot of people see Labor Day as the beginning of a new year, when the summer holidays are over and everyone goes back to school and back to work," local real estate expert Charlie Young told National Realty News.
Fall into a new home?
With this in mind, motivated buyers could consider the beginning of autumn to be a good time to enter the market in earnest. In addition to potentially lower asking prices, the season might be an advantageous to buy a home for two more reasons - to capitalize on owners anxious to sell before the new calendar year and to get the tax benefits of buying a home applied to the current year.
In DC, there's even more reason to believe that this fall could be a good time to buy. Consumer confidence is up, according to the Washington Times, due largely to improving economic conditions and improving property values.
"A growing feel-good factor is becoming evident among U.S. consumers," Markit chief economist Chris Williamson told the news source. He said that the improving confidence is due in part to the "long-awaited improvement in the housing market."
Market improvements in DC
Both asking and selling prices have been rising in and around the District for several months, according to recent data from the S&P/Case-Shiller Housing Index. When adjusted for the season, the DC metro area index rose from 182.06 to 188.64 between July 2011 and 2012.
With values rising and the economy improving, this fall could be an ideal time to find your dream house in DC.