By: John Stemlar, Sage Real Estate Advisors
The best home purchase opportunities are often found after the start of the school year.
Mid-March through June is known as the “spring selling season.” It’s during this period that we see the greatest concentration of homebuyers entering the market. Nowhere is this more evident than in the single-family home neighborhoods located in the top school districts. In spring and early summer, this market segment is a frenzy as families scramble be settled into a new home before school starts in August.
Sellers understand the game and strategically put their homes on the market in the spring seeking top dollar. Competition among buyers can be fierce and multiple offers on a single home are common. This environment fosters buyer desperation and a tendency to overpay.
In contrast, late summer and fall often present some attractive homebuying opportunities, particularly in communities in the top school districts like East Cobb, Brookhaven and Buckhead. By August, the pool of springtime buyers has largely evaporated; most have either found a home or decided to try again next spring. Fall sellers in this market segment are typically highly motivated to sell, not wanting to carry the home through the holidays and into next year. This motivation is even stronger if the seller has already moved out of the home.
Typically, these are very good homes that were simply initially over-priced by overly-optimistic sellers that waited too long to adjust their pricing to the market. In other cases, the home was poorly marketed and/or had some quirk or deficiency. Some were just late to the market; often corporate relocation sellers. In any case, for the savvy homebuyer, there are some deals to be had in the fall buyer’s market.
John Stemlar is a Principal and the Managing Broker of Sage Real Estate Advisors, a boutique Atlanta residential brokerage. He also promotes Brookhaven’s Lynwood Park and homes for sale in Lynwood Park at www.LynwoodParkHomes.com.