Falling into Fall: New Home Sales Predicted to Drop

As children go back to school and everyone gets used to a new schedule, many homebuyers are going to take a step back in their search for the perfect home, according to Inman. New home sales are predicted to drop this fall, and that’s not great news to many of you as realtors.

What’s happening with new home sales?

If you’ve been working in real estate for a few years, you’ve probably noticed that the fall season is a dry one when it comes to buying — this year will be no different.

The Mortgage Bankers Association (MBA) has already seen a drastic decrease in the number of mortgage applications for new-home purchases — it’s decreased by 6 percent since August.

The summer months are when children are out of school and most parents have a chance to take a vacation to look for a new place to live. It’s a time when buying a new home, moving into it and getting children ready for a new school is easiest. When the fall comes, everyone is thrown back into the swing of things with school, and it just doesn’t seem right to pull children out a school they just started a month or two ago.

The good news is that while new home sales are slowing down, they are still much better than last years during the same time. The number of mortgage applications is up by 19 percent for the same month last year.

What does that mean for you? It’s time to take advantage of the increase from last year’s new home sales.

Marketing tactics for fall home selling

Don’t let the slow down get you down. You can rise above it by focusing on getting people more excited about this time of year for home buying.

Target audience:

Who is most likely available and wanting to buy a new home during this time of year? People without children, right? Focus your marketing on those people.

The summer is a big time for weddings, so many new couples are looking for new homes. Retirees are looking too, and you can always try to get them excited by letting them know they can be in a brand new home before the holidays, so they can start creating wonderful memories with their children and grandchildren.

Local moves:

Local moving within the same school districts keeps children from having to move schools. This means that parents and children don’t have to deal with that stress. Let people know they don’t have to wait for the spring or summer to buy a new home because there are plenty in the nearby area that will meet their needs.

Focus on completion time:

For new constructions, you’ll need to focus on when they will be completed to match them up with buyers. New constructions that are started in the fall will often be completed during the winter. This may be perfect for many people who will be out of work and school for the holidays. Keep in mind, just because some people don’t want to move now, doesn’t mean they don’t want to purchase now.

Emphasize that people can be in a new home before the holidays in your sales pitches. Focus on people who are more comfortable moving during this time of year. Make connections now that may lead to sales later. These are the ways you can make the fall time slump lucrative for your real estate business. Get out there and make it the best fall yet!