But this can be an advantage if you continue your home search because you have less competition, he says.

Unfortunately, with fewer buyers available, many sellers choose to take their homes off the market, which limits the amount of homes available for sale, DeBord says.

"Along with people taking their homes off the market, we also don't get a lot of new listings, which further constricts inventory," he says.

No. 3: Buyers and sellers make sacrifices

This means if you make an offer, but can't come to terms with the seller and the deal falls through, there may not be another acceptable home on the market to buy, DeBord says. "You probably won't have a bunch of other houses that have exactly what you want," he says. Instead, you may have to loosen your requirements or wait until something acceptable goes up for sale.

The way to minimize this negative aspect is to take a serious look at the homes that are available, because those sellers are likely much more motivated to make a deal, DeBord says. They may be more willing to give concessions, such as paying some of the buyer's closing costs, and may strongly consider lower offers.

"Sellers will probably be more flexible in terms of price reductions," he says.

No. 4: Don't be greedy

A seller may accept a lower offer, but don't be greedy, warns Jerry Grodesky, a real estate agent located near Chicago. Even though the fall market is smaller, there are still serious buyers out there, he says. Just as sellers are more motivated at this time of year, the buyers who are still searching are seeing their options reduced, so they are becoming more serious, too, he says.

"Many buyers are motivated to close before the winter when weather and holiday schedules make it difficult to move," says Grodesky.