Written by Angela Mae Watson<\/p>\n
|<\/p>\n
Edited by Cory Dudak<\/p>\n
Spring and summer are the most popular times of the year to buy a home<\/a>, but there\u2019s no reason why you can\u2019t purchase one in the fall. Just be careful of where you choose to buy, as not every U.S. housing market is created equal. Not only do you have potentially high prices to contend with, but there are other factors to consider, like the local economy and environmental hazards.<\/p>\n We spoke with two real estate professionals, Cameron Walker and Jim Chamberlin, to find out the top cities to avoid buying a home<\/a> this fall and why. Here\u2019s what they said.<\/p>\n Good To Know: 5 Cities Where Buying a Home Pays Off Fastest<\/a><\/p>\n Learn More: 5 Clever Ways Retirees Are Earning Up to $1K Per Month From Home<\/a><\/p>\n Cape Coral, Florida<\/p>\n Median home sales price: $358,833<\/p>\n Year-over-year change: -5%<\/p>\n Life in Cape Coral has its appeal, especially if you love Florida<\/a> and are into water sports. But Jim Chamberlin, a Realtor who also works in business development with Vulcan7<\/a>, advised doing your homework before you buy.<\/p>\n \u201cI love the area, don’t get me wrong, but I have seen people get very excited about the purchase price without realizing what insurance, flood requirements and ongoing ownership costs are going to look like,\u201d he said. \u201cOnce you get to the point where you have all of that together, [it’s] a very different conversation.\u201d<\/p>\n Florida has some of the highest homeowners insurance premiums in the country. About 125 miles away in Miami (more on that city later), homeowners spend <\/a>roughly 24.05% of their income on home insurance alone, according to a study by The Zebra<\/a>.<\/p>\n Austin, Texas<\/p>\n Median home sales price: $586,367<\/p>\n Year-over-year change: -4.4%<\/p>\n Home prices in Austin are already higher than the national median sales price of $410,700 (according to Federal Reserve Bank of St. Louis [FRED]<\/a> data). But, surprisingly, the price tag isn\u2019t why you might want to reconsider buying there this fall.<\/p>\n \u201cAlthough it is one of my favorite cities in the U.S., another is Austin, Texas, and not because I think [it\u2019s] a bad market by any means. [Moreso, it’s] because buyers finally have options there again (which is a good thing),\u201d said Chamberlin.<\/p>\n If you love Austin, too, your best bet is to take your time before you buy. You\u2019re much more likely to get a good deal that way.<\/p>\n \u201cThe problem I notice with some younger buyers is that they feel they need to make a decision the first weekend a home is listed, and in some markets that simply [isn’t true] anymore,\u201d said Chamberlin.<\/p>\n For context, the typical Austin home stays on the market for about 42 days.<\/p>\n Phoenix, Arizona<\/p>\n Median home sales price: $424,983<\/p>\n Year-over-year change: -1.8%<\/p>\n Phoenix is beautiful, especially if you love the \u201cbig city in the desert\u201d feel. Homes are also reasonably priced. However, that alone shouldn\u2019t be a reason to buy there.<\/p>\n \u201cMy number one rule for young buyers: Don’t buy a home based solely on a cheap price,\u201d said Cameron Walker, real estate agent and manager of the Agent Network at Clever Real Estate. \u201cStable housing markets, not cheap ones, make it financially sound to buy a home.\u201d<\/p>\n The Phoenix housing market, he pointed out, has been declining. While this does mean potentially better upfront deals, it also makes the city a potentially \u201cbad market to be in.\u201d<\/p>\n Tampa and Miami, Florida<\/p>\n Tampa median home sales price: $403,833<\/p>\n Tampa year-over-year change: -1.3%<\/p>\n Miami median home sales price: $593,333<\/p>\n Miami year-over-year change: -0%<\/p>\n Walker advised against buying a home (particularly condos) in other areas along the Florida coast, like Tampa and Miami.<\/p>\n \u201cThere are high homeowner\u2019s insurance costs that are both difficult and expensive to secure,\u201d he said. \u201cThere is exposure to hurricane risk, and high special assessments are being passed on to unit owners as older condo buildings are funding reserves after the 2021 Surfside collapse.\u201d<\/p>\n Bottom Line<\/p>\n None of these cities are inherently bad to buy a home in. It comes down to personal preference and knowing what to expect as far as costs go.<\/p>\n