The homebuying forecast for fall? Perfect.
While temperatures might start to turn chilly this time of year, homebuying conditions become ideal. The start of schools, market dynamics, and the upcoming holidays all combine to make autumn the perfect time to buy. So settle in with blanket and a warm mug of tea as we break down the top advantages to homebuying in fall.
1. Old inventory may mean there are deals to be found
Sellers tend to list in the spring, often at a higher price. This could lead to price reductions for homes still available in autumn.
2. Fewer buyers are competing
Families that want to be in a new home by the start of school may no longer be shopping, meaning less competition, fewer buyers at open houses, and more opportunities.
3. Sellers want to close by the end of the year
Sellers may want to take advantage of a gain or loss during the current tax year, meaning they might be looking to close before December 31.
4. Sellers want to close before the holidays
Open houses can be a major disruption to homeowners. As the holidays approach, sellers could be eager to close so they can move on to planning parties and events.
5. Rates are low! That means you have increased purchasing power
Rates are still at or near historic lows, making now an opportune time to buy.
And if you’ve already found your dream home and aren’t quite ready to move, fall is also a great time to refinance. Current low rates mean you could potentially be paying less for your mortgage each month.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.
Guaranteed Rate does not provide tax advice. Consult your tax adviser with any tax related questions.