REGION – Goodbye summer, and goodbye sizzling home prices. As the peak of summer homebuying reaches its end, fall homebuyers could expect to see lower home prices as we settle into autumn. If you’ve been waiting to buy, now could be the time to act.
A recent report from www.realtor.com found that, nationally, the best time to buy a home is during the first few weeks of October. For the first time since 2020, the Federal Reserve lowered interest rates by 0.50%, and mortgage rates may soon fall too. As mortgage rates trend down, we may see homebuyers who’ve been on the sidelines flooding the market. Not to mention, homeowners who have been waiting to trade up jump into the buying game once rates get equal to or below what they are currently paying on interest.
Another benefit of fall homebuying could be falling home prices. Homes that have been sitting on the market all summer may experience price reductions in the fall. With winter creeping up, sellers are more motivated to negotiate if their home has been listed for a while.
Ultimately, the most important thing that makes fall a good time to buy a home is if doing so works for your budget. Knowing your mortgage options early on can help you make a stronger offer when the time comes. Contact me today to discuss your needs.
Written by Victoria Blodgett, Prime Lending, Ludlow, Vt.