Why Now is the Time to Buy
According to Realtor.com, this week, the week of October 3rd–9th, has historically been the best time to buy! In the past, this week has shown the best balance of market conditions for potential buyers. Because the inventory of homes for sale tends to be higher, prices are below peak levels, demand is dwindling a bit, and the pace of the market slows to a more manageable speed, this gives serious buyers everything they are needing to find their next home.
The slowdown can be blamed, partially, on the school year starting again. Housing market activity typically starts to rise in spring, while the school year is coming to an end, and peaks in the summer, while school is not an obstacle during the transaction. Once we approach autumn, a lot of families bow out or put buying on the back burner because school has again become an obstacle and schedules get too busy to keep up with the goal of buying a new home. This lowers the demand and prices dip as inventory ‘leftovers’ stay on the market.
If historic trends stay true to this year, we are expecting to add 100,000 houses to the inventory. Buyers could save around $10,000 during this week compared to the summer prices!
If this summer’s prices, chaotic market, and intense competition from other buyers was too overwhelming or frustrating for you, now may be the perfect time for you to jump back in! Hopefully you have been considering buying and have already started to work through the back-end stuff. You want to understand your financing and what you can afford before jumping back into the idea of buying a home. If there is one thing we have learn, it is best to have your ducks in a row before you start your house hunt. This will take out some of the complications and obstacles in your transaction, eventually, and put you in a more comfortable spot to begin searching for your NextHome again!
Article courtesy of Realtor.com