Is Now the Right Time to Buy a House?
The question is plaguing many Americans’ minds right now: Is now the right time to buy a house? The pandemic has caused the real estate market to go haywire—but perhaps not in a bad way.
Over the course of the last year, the housing market has seen:
- Offers well over the original asking price
- Bidding wars
- All-cash offers
- Waiving inspections
With record low mortgage rates now climbing higher than they have since 2008, you may be wondering if it is still a good time to buy a new home. Is the competition really cooling off?
Here is everything you need to know about whether or not you should buy a house now:
Waiting is a Dangerous Game
One thing is for certain in the real estate market—you cannot time it. Therefore, now is always the right time to buy a house. Although the mortgage rates are more than doubled from this time last year, they are still well below the national average.
Waiting until the mortgage rates drop again leads to more competition. Consequently, higher house prices will be on the rise as the real estate game picks up again. You may have a lesser chance of getting the home you want.
Best Time to Buy Report
According to the Best Time to Buy Report, the best time to purchase a house is the week of September 25 through October 1. The report detailed that there are more house listings than in previous months and less competition from other potential buyers.
Additionally, housing prices are dropping. People are not as willing to offer cash or waive inspections. This is creating less competition all across the board. Less competition can allow for a smoother buying chance and process.
Pressure on Sellers
Fall is notoriously a great time to buy a house. As the autumn season approaches, sellers are pressured to get their homes on the market and sell them—quickly.
Sellers do not want to move in the cold wintry months as much as buyers. Sellers are more motivated and encouraged to get the sale completed effortlessly and as smoothly as possible.
Agents are More Available
Although the house hunt is more popular than usual, the fall paves way for agents and lenders to be more available. The busy season is now behind us; therefore, real estate professionals can dedicate more time toward your house hunt.
Lenders also have a lesser load during the autumn season. They can process your paperwork more quickly and allow you to close your home faster than during the spring and summer months.
Now is the BEST time to purchase your new home. Waiting can be a dangerous game and can easily push you out of eligibility. Mortgage rates are still lower than average!
Competition and home prices have decreased as inventory is increasing. You have the best chance right now to land the home of your dreams. To get started, contact Craig Augenstein, a top industry Columbia, South Carolina real estate professional.