Why Fall 2023 is the Worst Time to Find Your Colorado Dream Home

The majestic Rocky Mountains are now dusted with golden aspen leaves, crisp, cool air, and the faint scent of wood-burning stoves—it's no secret that fall in Colorado is a magical time. While many associate this season with hiking, apple picking, and cozy sweaters, it's also said to be an ideal time to embark on a house-hunting adventure in the Centennial State. In this blog post, we'll explore why fall is the worst time to find your Colorado dream home.

Just kidding, we have GREAT opportunities for our Buyers right now! These things wouldn’t have happened when rates were 3%.

Enjoy a Less Competitive Market

One of the most compelling reasons to house hunt in the fall is the reduced competition. Unlike the frenzied spring and summer months, or that of 2021, the 2023 fall real estate market in Colorado is looking to be quite a bit more relaxed. This means fewer buyers vying for the same properties, giving you a distinct advantage in negotiations. We are currently seeing 3, 6, 9 options for each of our buyers. It’s been a struggling choosing from all the options available. When there are options, you’re less likely to feel buyers remorse, as you were able to have a say in which property you picked, and know it was the right choice for you. Compare that to a competitive market with low rates, when prices skyrocket, options diminish, and buyer fatigue gets to an all-time high.

Sellers Are Motivated

Sellers who list their homes in the fall often have a reason for doing so. The key word is motivation. Whether it's due to a job relocation, a desire to move before the holidays, or simply because they've outgrown their current space, these motivated sellers are more likely to negotiate and accept reasonable offers. It's an excellent opportunity for buyers to find a motivated seller who's ready to make a deal. Our Buyers have been able to secure large seller contributions at closing, known as Seller concessions. You can use that Seller provided money to lower your out of pocket expenses known as “closing costs,” and/or use it to buy down the interest rate. That means that although rates may sit around 7.5% today, you can use the Seller concessions to pre-pay up to 3 years of interest and lower your mortgage payment hundreds of dollars a month, if not over a thousand dollars a month until the market cools and you can refinance. We’re seeing our mortgage lender partners recommend a 2-1 buydown program which pre-pays the interest down 2% the first year, and 1% the second year, returning to the original quoted rate in year 3. Couple that with a lower negotiated sales price, and you’re looking great! The financial options available in today’s market are fantastic!

Experience Colorado's Four Seasons 

Colorado is renowned for its dramatic seasons, and buying a home in the fall allows you to experience each one before settling in. You'll witness the vibrant foliage of autumn, the glistening snow in winter, the rebirth of spring, and the sunny days of summer, all in one year. This firsthand experience can help you determine if a particular location suits your lifestyle year-round. One of my favorite things about Colorado is the beautiful trees and changing leaves. When you buy a home in fall, you’re able to experience the peak of your new homes beauty and get you that much more excited for your new home. 

Take Advantage of Year-End Tax Benefits

Buying a home before the end of the year may offer potential tax advantages. Consult with a tax professional to understand how homeownership can impact your tax liability and whether making a purchase in the fall could benefit you come tax season. There are great benefits in US Tax code when you purchase a house that will help lower your taxable liabilities. Some people are told by their CPA to buy a house every year due to how their income is structured. We can help put your cash to work for you, earning additional equity as our market out performs many mutual funds and savings accounts, earning income on rent, and saving money using things such as depreciation and write-offs. Talk to a CPA about how this can benefit you, and let us know how we can help you find your next property. One of our clients just went from making $3500/month in another state with their property, to now estimating nearly $7500/month even at double the interest rate, will be paying less in taxes, and will have more secure landlord/tenant laws in place for protection. 

Faster Closing Times

With fewer transactions and less competition for the services of real estate professionals, lenders, and inspectors, you may experience faster closing times during the fall. This can be especially beneficial if you're eager to move into your new Colorado home before winter sets in. What more needs to be said?

Negotiate with Leverage

During the fall, when inventory may still be plentiful from the summer listings, you have more negotiating power. Sellers may be more willing to accommodate your requests regarding repairs, closing costs, and other contingencies. Some of our clients have had sellers pay $30,000 to $40,000 and that covers all of their closing costs, and reduces their mortgage over $1,000 a month in some cases. Talk about a huge win!

Beat the Holiday Rush

By securing your Colorado dream home in the fall, you can avoid the added stress of house hunting during the holiday season. Instead, you can focus on celebrating the holidays in your new home, making it a truly memorable time of year. We have great vendors in just about every city along the front range that can quickly, and affordably, help you finish most every project you need to get the house into a home. Whether that is painting, flooring, trim, interior design, that new backsplash you’ve wanted, etc. 

Conclusion

In conclusion, if you've been contemplating buying a home in Colorado, don't overlook the advantages of doing so this fall. With less competition, motivated sellers, and the chance to experience huge financial wins not readily given in other markets, this season offers a unique opportunity to find your dream home in the picturesque landscapes of Colorado. So, grab your pumpkin spice latte and embark on your house-hunting journey—you might just find the perfect Colorado retreat. Call, text or email us today to start asking questions and to put together a FREE plan that can set this in motion for you. You never know what will happen considering about 90% of people who tell me they’ll never be able to buy a house… are qualified within just a few months to make that dream come true.