Buying a Home In The Fall
Cooler temps are starting to creep in just like the ghost and goblins on our front yards as Halloween decorations. Football season is in full swing. Many school districts are back to in person learning and some remaining kids are headed back to school soon. With all of this excitement, there is one more thing to be excited about… claiming a deal on a new home. People who consider buying in the Fall can take advantage of some key real estate factors that can make buying a home easier and more in their favor.
Some of these factors are….
· Competition is low
· Interest rates are on a continual decline
· Sellers are more eager to sell
There are many reasons why you want to act soon, without delay. Wait too long and this window of opportunity may close.
Rates are near record lows
Have you checked mortgage interest rates lately? Mortgage rates continue to stay low and steady hovering right below 3%. Currently, a 30-Year fixed rate is coming in at 2.99%. This is incredibly low!
Lower rates mean you'll pay less over the life of your loan. Also, having a lower rate equates to more purchase power which could help you expand your home purchasing budget.
But mortgage rates could drop even further — particularly given that the Federal Reserve has signaled it doesn’t expect to hike rates for many years. If that’s the case, then the current IPO wave could last longer than some currently expect, says Chris Whalen, banking analyst and chairman of Whalen Global Advisors. “This opportunity’s not going to go away,” he said.
Sellers are more eager to sell
Generally, families prefer to purchase homes in the spring and summer months. This allows them to settle their children in prior to the beginning of the fall school year.
Much of the fall market is consumed with homes that were listed in the summer months, but either haven’t sold yet or didn’t fare well during the summer/spring months. These sellers are often willing to drop their prices if they haven't already and even offer credits to Buyers to entice the sale of their home.
With COVID we have seen an even stronger Fall Market continuing here in Central Ohio. We are anticipating an equally strong late fall early holiday season before the abrupt slowdown that generally happens near the winter holidays.
The closer it gets to the holidays, the more drastic the price cuts will be and even flexibility around move-out/move-in dates which can work well during this time of the year.
Between colder weather and shorter days, many buyers opt to wait until the Spring/Summer months to home shop. Who wants to buy during windy, rainy, snowy and bitterly cold conditions of the late fall besides a SMART THRIFTY BUYER!
With the shift in outside elements, you will see fewer showings, especially during the week. It’s generally dark when people get off work which can make it challenging for most Buyers.
Not to mentions diehard Football fans trying to navigate around their teams weekend schedule. All of these factors cut into time to home shop.
Less competition means less likely to come across a bidding war with other buyers. You even could have additional time to really think through your new home purchase.
If you think you are ready to take advantage of the fall market, make sure you do your homework and connect with a licensed REALTOR ® like myself J. I can assist you in getting preapproved for a mortgage and develop a strong plan to help you find the home of your dreams!
Written By Monique Miles-Alston