Buying a home is a huge financial investment with home prices rising every year. It is important to set yourself up for success in the process, and one of the ways you can do this is to avoid buying when the market is at its hottest. In fact, if you are considering buying a new home, now would be a great time of year to start looking and making offers. Now that summer has passed, the fall season is likely to see a little less competition with other buyers, and you will have the opportunity to make a purchase before the values rise again next summer, which they are predicted to do.
Less Buyers, Less Competition
Because so many homes do go on the market in the late spring and summer time, home owners that decide to sell and miss the summer rush are going to be more motivated to accept offers they get during the fall season. Winter is not a great time to be selling a home, as the buyers are even more limited, so sellers often succumb to the pressure of reducing their selling price during the fall. You, as a buyer, can benefit from this in a really practical way! This is also true for investors and corporate sellers who are looking to tie up loose ends before the fiscal year is closed out.
Buy Before the Prices Rise
It is no secret that home prices have been on the rise over the past several years, making it tough for first time home buyers who don’t have equity to trade off on. While this increase is expected to continue into the spring of 2020, there will likely be a lull in the fall due to a decrease in season demand. Autumn might be the perfect time to get the house you want a price you can afford before summer hits when prices will go up and more buyers come out of the wood works to compete with your bids.
Lower Interest Rates
In addition to benefiting from the price lull before the competitive rise in cost in the summer, interest rates are expected to hit a low this fall as well! This decrease in interest rates (which might not last long) will allow you to afford more house than you might have been able to last year. Combining this lower interest rate with a seller more motivated to accept a lower offer on a property is the perfect recipe for you, the buyer, to get the house of your dreams for a price you can feel good about!
While there are many good reasons and opportunities to take advantage of this fall, the window is small! Don’t hesitate too long, and if you are still on the fence, be sure to contact an experienced realtor to help you make an informed decision. Our team at Lone Star Realty would love to help guide you toward what is going to be best for you and your financial future!