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Why realtors say fall of an election year is the best time to buy
“I always say, if a seller is on the market between mid-October and Thanksgiving, they’re motivated.”
If you’ve longed to buy a house but feared bidding wars, low inventory, high interest rates, and steep prices — the average Greater Boston single-family home went for $950,000 at the height of the spring market — here’s some good news. Experts say that fall 2024 just might be a magical time to buy.
Why? The Federal Reserve is poised to cut interest rates this month. This means that previously reluctant sellers, hoping to upgrade or downsize, finally might be nudged to list their homes.
Furthermore, the looming presidential election could work in buyers’ favor.
“The housing market gets a little slower during an election year. Homes that are priced well will still sell and may even still be competitive, but it’s not as competitive as a normal market. I’m telling my clients that it’s a golden opportunity to buy between now and the end of the year, and that’s true in most fall markets, but especially the fall market of an election year,” said Joselin Malkhasian of Lamacchia Realty in Waltham.
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Finally, buyer-broker agreements have upped the ante on commitment. A new rule, implemented in August, means prospective buyers must sign with an agent before touring a home — so, ideally, you’re now competing against only serious buyers.
In the meantime, here’s strings-free advice from a panel of four real estate agents from throughout Greater Boston about what to expect from this season’s market:
On interest rates …
“I think the rates trending downward will encourage some sellers who’ve been sitting on a 2.75 or 3 percent rate to finally consider selling. At the same time, if interest rates go down, we might have more buyers staying in the market.” — Nicole Vermillion, Lamacchia Realty
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More Fall House Hunt
On the motivating magic of fall …
“I always say, if a seller is on the market between mid-October and Thanksgiving, they’re motivated: These are sellers who have to sell, whether it’s an estate sale, a divorce sale, or they’ve already found their new home. Sellers that aren’t restricted by time restraints are probably going to wait for the spring.
“Most sellers aren’t eager to put their home on the market during the holidays: You have decorations up, you have family obligations, you don’t want to be dealing with showings and open houses. … It’s great for buyers.” — Malkhasian
“Fall is the best time to buy. You always want to buy a house when realtors buy homes because there’s not as much competition. When you’re not competing, there’s not the emotion around a property. A lot of realtors and others connected to the business will purchase things in quarter four.” — Annie Bauman, Gibson Sotheby’s International Realty in Needham
“We’re not in an average year, between the election and the Fed promising to lower rates all year. And, on average, there is less inventory in September — but there are also fewer people looking. It’s an easier market.” — Masha Senderovich, Keller Williams Realty in Newton
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On prices ….
“This time of year is also the most popular time for price reductions: Homes that have sat on the market around 21 days are typically the ones that are likely to have a price reduction soon. I always teach my clients: Not only should you be looking at new homes on the market, but you really should be paying attention to the homes that are sitting.” — Malkhasian
(As of Sept. 6, there were 5,637 single-family homes or condos that had been on the market for 21-plus days in Massachusetts, according to the Multiple Listing Service. More than 3,718 of those had been on for more than 50 days, and 1,826 had been listed for at least 100.)
“Buyers will often say: I don’t want to offend the seller with a low offer. That’s very common. It’s not the buyers’ concern. A seller is going to say one of three things: yes, no, or they’re going to counter — and that’s where the best value is had. Remember, now that we’re rounding the season, a seller maybe was willing to linger throughout the spring and summer, but they don’t want to endure another winter. There’s lots of value to be had. Take a chance.” — Bauman
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On a competitive edge …
“I cannot advise somebody to waive a home inspection, but you could tell sellers: ‘We want to have a home inspection, but we’re only interested in structural issues.’ Or, ‘I want to have a home inspection, but we won’t renegotiate unless the repairs identified in the home inspection go over an aggregate amount.’
My advice to my buyers is: Are we looking at a structurally sound house with a solid heating system? If the roof isn’t going to blow off, then you can worry about aesthetics as you move in. When you get a tax refund, make that your house project money.” — Vermillion
“It’s an excellent use of time and resources to hire a contractor for an hour to go to the showing with you, so the buyer isn’t imagining what it will take to re-create a space. They have a professional giving them an idea of time, costs, what’s entailed with a renovation … and then you can bid accordingly. People don’t do that enough.” — Bauman
On up-and-coming towns…
“Mansfield is a town where you could get a good amount for your money. Rockland, Hanson, and Plymouth have great opportunities.” — Vermillion
“Starter homes in Watertown and Waltham are really heading to that $700,000 or $800,000 mark. You could buy a great home in Waltham for $500,000. Not anymore. — Malkhasian
“I think Dedham is awesome. Downtown Dedham is really sweet and should be more competitive than I think it sometimes is because of its accessibility.” — Bauman
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On checking your expectations …
“If you’re between a choice of a town that you think, for whatever reason, is more prestigious, and the only thing you can afford there is something on a busy road or a fixer-upper that you don’t really want to deal with, you’re better off in an adjacent town where your home is on a quiet street, from a resale perspective.” — Senderovich
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