First of all, you can count on lower home prices as the inventory during that time of the year consists of properties that were not sold in spring/summer. The more a property is on the market, the better the odds to negotiate the price. The only catch is that buyers will not have a great variety of choice compared to the peak seasons. The real estate market in fall is commonly characterized by sellers who take their homes off the market and those who lower the price after their home didn’t sell during the heated season. As a buyer, your target is the second group, of course.
According to statistics, October is especially fruitful for buying a house under its market value. It’s the time when sellers who did not back out of the market are looking to finally “get rid of” their house, especially before the holidays. Sellers also want to settle in a new home before Christmas and New Year’s Eve, and they will probably be more open to compromise. Such a situation will give you more room to negotiate with the sellers who are already tired of looking for a buyer. Sometimes, it results in saving up to thousands of dollars.
Another great benefit is that realtors will be more at your disposal as they usually have fewer clients during fall so that you will get their full attention. The same goes for other services; mortgage lenders will probably process your application faster, moving companies will probably be available on the dates you pick, real estate lawyers will be more efficient in handling your documentation, etc. You are more likely to avoid any kind of delays which will account for a smoother transaction and less stress.
Buying a new home comes with many other expenses as well. Furnishing the home is one of them, or yet, the most important one. It turns out that the fall season is very suitable for buying appliances (e.g., fridge, dish washer, washing machine, stove, dryer, etc.). You are also very likely to find lawn mowers and paint on sale during the fall, especially in September. For patient buyers, we would recommend waiting for post-Christmas Boxing Day, the biggest shopping day in Canada. Electronics, home appliances, furniture and pretty much everything else is on sale that day. You can find great stuff for your new home, for example at Home Outfitters or Home Depot Canada which offer great bargains every year. Being patient and waiting for the holiday discounts can certainly save you a small fortune.