4 Reasons To Buy A Home This Fall

If you have been thinking of buying a home now might be the time to act, while interest rates are low and the economy is gaining strength. Still on the fence on if you should buy a home or not? Here are a few reasons that might help convince you:

1.Unprecedented importance of home

Covid 19 shut downs have had an impact on our lives and has changed how we do business, making to so we had to focus on being at home and figure out how to do work and school from home, we became conscious of the pros and cons of our living situation. We were forced to adapt, we made alterations to our living spaces and reorganized, and in doing so, we became sensitized to the quality of sunlight, air, sound and the amount of space we had to work with. With so much time at home it has motivated many homeowners to assess their immediate surroundings and consider upsizing or downsizing or helped them decide if they need to move to a new environment altogether.

2. Home repairs and renovations while sheltering in place
   Many people have reallocated funds such as stimulus checks along with money that would've been spent on travel, entertainment outside the home and shopping trips to help fund their home improvements. Homeowners who were forced to stay indoors were able to take advantage of these funds to reinvent their homes and add features that manybuyers find attractive such as home gyms, entertainment centers, outdoor recreation areas, upgraded kitchens and baths, this helped make home owners more comfortable but it also increased the value and salability of the home.

3. Low interest rates

Just like we Brokers depend on the banks, banks depend on brokers real estate transactions to help keep the economy moving. Mortgages are one of the primary sources of income for banks, which they can't survive without. Conforming loans under $760,000 are not kept on the banks books but are sold to Fannie Mae and Freddie Mac these are the bread and butter of most banks given the number of properties traded in this price range. To stimulate mortgage activity, the Federal Housing Finance Agency lowered interest rates. The lowered interest rates have motivated current homeowners to refinance mortgages, first-time buyer's and new homeowners to apply for mortgages and current homeowners to refinance their current loans.

4. Leftover spring inventory may result in deals

Home sellers tend to go on the market for the first time in the spring. They often list their homes too high out of the gate, which could mean that a series of price reductions follow during the spring and the summer months.

These sellers have fewer chances to capture buyers after Labor Day. By October, buyers are likely to find desperate sellers and prices that may, in fact, be below a home's true market value.

Do you want to move forward in finding a new home but not sure where to start or how to navigate in this crazy real estate market, contact me and I will walk you through the steps and help you on your way to finding the perfect place for you to call home!

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