Without question, the spring and summer housing market for 2015 was tough to compete in for many potential homebuyers. With limited supplies and massive demand, the only thing left for many buyers was competition and a surge in home prices. However, there IS a light at the end of this competitive-purchase market tunnel and it begins NOW!
There is a prevalent misconception that the best time to purchase a home is during spring and summer. But for homebuyers, this couldn’t be further from the truth. If you were unable to purchase a home earlier this year due to the competitive market you will be happy to learn that now may be the best time to buy in 2015 and here are three reasons why!
Historically Low Interest Rates
One of the biggest topics of the year has surrounded the possibility of a spike in interest rates. September was thought to be the end of a record low era in interest rates, but the Feds pushed the impending spike to possibly December or beginning of 2016. Take advantage and act now so you can receive a low interest rate on your home loan.
Less Competition = Buyer’s Market
Home buying activity declines drastically as the summer comes to an end and children are back in school. If you have been on the fence about purchasing a home, act now so you can reap the benefits from less buying competition in the months to come.
Additionally, lower sales prices typically trail behind a market with less demand. In fact, the national median list price fell .4% to $231,000 in September according to realtor.com.
Homes Stay on the Market Longer
Cooler months bring dreary weather, shorter days, and ultimately less buyers. What does this mean for the housing market? Less buyers. When a seller’s home stays on the market too long, this can cause anxiety and motivate sellers to be more flexible with their terms. If you are a potential homebuyer, now is the perfect opportunity to negotiate for your dream home.
Concerned 2015’s housing market has been too strong to let homes sit? Worry no more as it was recently reported that the median age of inventory in September was 80 days. This is up 6.7% from August!
According to new research by RealtyTrac, six of the “Top 10 Days for Buying at a Discount” falls between now and December 31st.
Nov. 26 at 10.1%
Dec. 31 at 9.7%
Oct. 22 at 9.6%
Dec. 10 at 9.0%
Nov. 19 at 8.9%
Dec. 3 at 8.6%
Whether your decision is to take advantage of these benefits and purchase now or wait until next year, remember that your first step in the home buying process is to be pre-qualified by a trusted lender. At First Option, our licensed loan originators will take the time to listen to your needs, explain the entire process, properly pre-qualify you and carry you forward until the very end.
To find out how much you qualify for and the loan program that will best suit your financial situation, apply online at First Option Mortgage or call us today at 888-644-1999!