Autumn house search

“I always say that if a seller is in the market between mid-October and Thanksgiving, he is motivated.”

By Kara Baskin

12 September 2024

If you’ve been wanting to buy a home for a long time but fear bidding wars, low inventory, high interest rates and high prices—the average single-family home in Greater Boston sold for $950,000 at the height of the spring market—we have good news for you. Experts say fall 2024 could be a magical time to buy.

Why? The Federal Reserve will cut interest rates this month, meaning previously hesitant sellers hoping to upsize or downsize may finally be persuaded to put their homes up for sale.

In addition, the upcoming presidential election could be beneficial for buyers.

“The real estate market slows down a little bit in an election year. Homes that are well priced will still sell and may even still be competitive, but it’s not as competitive as a normal market. I tell my clients that between now and the end of the year, it’s a golden opportunity to buy, and that’s true for most fall markets, but especially the fall market in an election year,” said Joselin Malkhasian of Lamacchia Realty in Waltham.

Finally, buyer-agent agreements have increased commitment requirements. A new rule that took effect in August means prospective buyers must sign a contract with an agent before viewing a home—ideally, so you’re only competing with serious buyers.

In the meantime, here’s no-obligation advice from a panel of four Greater Boston real estate agents on what to expect from the market this season:

Regarding interest rates…

“I think the falling interest rate will encourage some sellers who have been sitting on 2.75 or 3 percent interest rates to finally think about selling. At the same time, falling interest rates could lead to more buyers staying in the market.” — Nicole VermilionLamacchia Real Estate

About the motivating magic of autumn …

“I always say if a seller is in the market between mid-October and Thanksgiving, they are motivated: These are sellers who need to sell, whether it’s an estate sale, a divorce sale, or they’ve already found a new home. Sellers who aren’t constrained by time constraints will likely wait until spring.

“Most sellers aren’t eager to put their home on the market during the holidays: you’ve already decorated everything, you have family obligations, you don’t want to deal with showings and open houses. … For buyers, this is great.” — Malkhasian

“Fall is the best time to buy. You always want to buy a home when agents are buying homes because there isn’t as much competition. When you’re not competing, there is no emotion around a property. A lot of agents and others involved in the business buy in the fourth quarter.” — Annie Bauman, Gibson Sotheby’s International Realty in Needham

“We’re not living through an average year, between the election and the Fed’s promise to cut rates all year long. And in September, on average, there’s less inventory – but there’s also fewer people looking. It’s an easier market.” — Mascha SenderovichKeller Williams Realty in Newton

About the prices…

“This time of year is also the most popular time for price reductions: homes that have been on the market for about 21 days are usually the ones that are likely to have their price reduced soon. I always teach my clients: In addition to looking for new homes on the market, you should really pay attention to the homes that are for sale.” — Malkhasian

(According to the Multiple Listing Service, as of Sept. 6, 5,637 single-family homes or condos in Massachusetts had been on the market for more than 21 days. More than 3,718 of those had been for sale for more than 50 days and 1,826 had been listed for at least 100 days.)

“Buyers often say, ‘I don’t want to offend the seller with a low offer.’ That’s very common. It’s none of the buyer’s business. A seller will say one of three things: yes, no, or they’ll counter – and that’s where the best value is to be found. Remember, now that the season is ending, a seller may have been willing to stay all spring and summer, but doesn’t want to endure another winter. There’s a lot of value to be found. Take advantage of the opportunity.” — Bauman

Ahead of the competition…

“I can’t advise anyone to forego a home inspection, but you could tell the sellers, ‘We want a home inspection, but we’re only interested in structural issues.’ Or, ‘I want a home inspection, but we won’t renegotiate unless the repairs identified during the home inspection exceed a certain total 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, you can worry about the aesthetics when you move in. If you get a tax refund, put that towards your home project money.” — Cinnabar

“It’s a great investment of time and resources to hire a contractor for an hour to walk you through the space so the buyer doesn’t have to imagine what it will cost to redesign a space. They have a professional who can give them an idea of ​​time, cost and the costs associated with a renovation… and then they can bid accordingly. People don’t do that enough.” — Bauman

About emerging cities …

“Mansfield is a city where you get a lot for your money. Rockland, Hanson and Plymouth offer great opportunities.” — Vermilion

“Entry-level homes in Watertown and Waltham are actually approaching the $700,000 or $800,000 mark. In Waltham, you could buy a great home for $500,000. That’s over. — Malkhasian

“I think Dedham is great. Downtown Dedham is really cute and should be more competitive than I sometimes think because of its accessibility.” — Bauman

To check your expectations…

“If you have a choice between a city that you consider more prestigious for some reason and the only thing you can afford there is a house on a busy street or a house in need of renovation that you don’t really want to deal with, you’re better off from a resale perspective in a neighboring city where your house is on a quiet street.” — Senderovich