This Fall Could Be A Great Time To Buy A Home...Really!!
This Fall Could Be A Great Time To Buy A Home… Really!
The days may be getting shorter but the list of positive home buying conditions seems to be getting longer. Are you considering purchasing a home and have been holding back? Now may be the time to shop! Here is our quick list of reasons why NOW could be a great time to buy.
More Homes For Sale | Current inventory does remain low but began creeping up in August. Real estate experts predicted this increase for the second half of 2021. And, after a pronounced slow down in 2020 due to supply chain issues, new home construction is adding to the current number of homes for sale today.
Possibility Of Price Cuts | Autumn is traditionally a time when home buyers are more likely to find deals. There are usually fewer buyers in the market, and listings that have been on the market over the summer may lower or reevaluate their listing prices. These patterns were disrupted in 2020, but are now normalizing. Listings with a price reduction have risen for the last four consecutive months to approximately 12.25%! These price adjustments are creating more opportunities for home buyers right now.
Appreciation Is Slowing | After last year’s skyrocketing home prices, today’s slowdown is notable. Home appreciation is still setting records, so the sooner you purchase, the sooner you can begin to build equity! Predictions indicate that home prices nationwide will increase at an annual rate of approximately 5% through 2025.
Interest Rates Remain Low | These historic low rates coupled with price appreciation will boost your buying power. Remember, a half-point increase in the mortgage interest rate will increase your monthly mortgage payment by 6.5%. At current rates, home payments are likely to be lower than rents in our region.
Close By Year End | Sellers may be motivated to close by year’s end, and willing to negotiate or offer incentives to make that happen. Ask!
If you have been considering purchasing a home, now may be the time to initiate that process. Get pre-qualified for a mortgage and contact us to be connected with an experienced REALTOR® to guide you smoothly through the process. Happy house hunting!