It is being predicted that the next 3 months will be a great time to buy a home in most of the country. Well give you the main reasons why in this quick article.
We are starting to see declining home prices and homes staying on the market longer while mortgage rates remain low. Couple this with the slower fall and winter seasons and buyers could find a real steal of a deal over the course of the next 3 months.
In fact, realtor.coms chief economist, Jonathan Smoke, had the following to say:
The spring and summer home-buying seasons were especially tough on potential buyers this year with increasing prices and limited supply, Smoke says. Buyers who are open to a fall or winter purchase should find some relief with lower prices and less competition from other buyers.
The harder part about the next 3 months will likely be the lower number of homes being put up for sale. The inventory is actually lower this fall than in the fall of 2014 and the numbers arent expect to go up any more. Notably, buyers are currently able to get very low mortgage rates because the Federal Reserve has delayed raising their rates. For example, over the past 10 weeks, a 30-year fixed rate mortgage has been hovering below 4% on average.
Statistically, the median national home price in the U.S. has gone down 1% from August. Also, the median time a home spends on the market has gone up to 80 days which is a 7% increase from August. Of course, this data will vary by market. So if you, or someone you know, are thinking about buying a home or selling a house, then please do not hesitate to contact us The Wise Team. We can be reached by calling 714-698-WISE (9473).
We look forward to hearing from you!