Fall homebuying offers benefits and trade-offs

While spring and summer are traditionally the peak time for homebuying, fall could be an opportunity to score a better deal. As the season winds down in many markets, many buyers face less competition, more negotiating power and potentially lower prices.

Still, fall isn't necessarily the best time to buy for everyone. Inventory can be more limited, and affordability remains an ongoing challenge for many households. No matter the season, the best time to buy is when you can secure a mortgage payment you can comfortably afford on a home that fits your needs.

The upsides

• Less competition among buyers: As many families with school-aged children move before the start of the school year, there are usually fewer buyers on the market by fall. This can mean fewer bidding wars and more time to weigh your options, inspect the property and negotiate terms.
• More negotiating power: By the time fall rolls around, "sellers whose homes have been sitting on the market through the summer may be more willing to negotiate on price or other terms," says Thao Le, an assistant professor in the Department of Real Estate at Georgia State University's Robinson College of Business. This leverage can mean better deals for buyers.
• Spot home issues earlier: Touring homes during cooler months can reveal issues that aren't always obvious in the summer. That can include roof leaks, drainage issues, drafty windows, or poor heating and insulation performance. Finding these issues before buying helps you assess the home's condition and negotiate repairs.

The downsides

• Less selection: "New listings drop steadily after late spring, so while older inventory remains, buyers with specific requirements for location or layout are likely to see fewer newer options," says Michael Young, the director of Home Lending at Wealthfront.
• Potential property issues: Though not always the case, listings that have been on the market for several months are more likely to be overpriced, in worse condition or in less favorable locations.
• End-of-year delays: As the holiday sea-son approaches, you might face delays closing the deal as appraisers, inspectors, lenders and sellers are more likely to be out of office. Depending on where you live, snowy or icy conditions could also cause delays as the year closes out.

To avoid these hiccups, Young recommends buyers do their homework and make sure they're prepared. "That means getting preapproved, knowing the maximum monthly payment they are comfortable with and being clear about which features are requirements and which are preferences," he says.

Mortgage rates

Mortgage rates have risen recently, with the average 30-year fixed rate hovering around 7% in September. Higher rates translate to higher monthly payments for homeowners, prompting some potential buyers to delay buying.

Still, waiting for mortgage rates to drop isn't always your best bet.

"If buyers are waiting until next year in hopes of lower interest rates, there is currently no indication that this will happen. In fact, the reverse is more likely," Le says.

Gary Lanham, a broker associate at LoKation Real Estate, recommends focusing on finding the right home, rather than trying to perfectly time the market.

"None of us knows exactly where mortgage rates or home prices will be six months from now," he says. "The better question is: Can I comfortably afford this home, and does this purchase make sense for me?"

Buy now or wait until spring?

• Buying a house this fall may make sense if:
• You can comfortably afford the monthly payment at today's mortgage rates.
• You've been preapproved for a mortgage and have a stable income.
• You have enough savings to cover your down payment and closing costs.
• You have negotiating power in your local housing market.
• You've found a home that meets your needs.
• Waiting may make sense if:
• You need to improve your credit score before taking out a mortgage.
• You need to save more for a down payment.
• Today's payment would stretch your budget.
• You're not sure where you want to live.

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