When is The Best Time to Buy Your New Home?
Image taken by Diana Walton- Houston First Time Home Buyer Specialist
Hello and welcome to Houston First Time Home Buyers Edition, where we provide useful information to help Houston first time home buyers make the most informed decision when it comes to buying, decorating, and maintaining their first home.
It is often said that spring and summer are the best time to buy a house. To some extend that maybe true because some home sellers usually wait until this time of the year to sell their home. However, this fall may open doors that are usually closed this time of year. According to RealtyTrac’s analysis of more than 32 million home sales over 15 years, October is really the best time to buy a house and get a great deal in the process. Here is why:
No need to rush through the home buying process.
Less chance of buyers remorse.
Prices are balancing out.
Lower interest rates.
Builders tend to offer more incentives to end of year buyers.
You also have less competition.
Home sellers that list in the fall, need to sell.
You may have more negotiating power. With people needing to sell and less competition, this may put you in the driver’s seat.
The pre-holiday season may put pressure on sellers to close fast, if they plan on moving and settling down in time for example, to host Thanksgiving dinner. This can also be to your advantage.
Consumer Report agrees that major appliances, like stoves, washers, dryers, etc,. are at their cheapest during this time of year as well. This makes it more affordable to furnish your new home.
You may also be able to write off some closing costs, mortgage interest and property tax payment to offset your taxable income.
The home buying process can be impacted by not only the season, but the day and month as well. Keep in mind with new interest rate cut from the Federal Reserve this month couple with inventory, there could be a spike in home buyers, that have been waiting for rates to drop and home sellers that need to sell quickly. So, let the home buying process begin.
As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana
