Year in and year out, spring and summer are the busiest home buying seasons. And each year, home buying activity starts to slow down in August and September. Many people time household moves during summer vacations and want to be settled into their new homes when school starts again for their children.
That’s exactly why late summer/early fall can be a great time to shop for a home. Research shows that historically, due to the seasonal slowdown in demand, the supply of available properties tends to start to increase in late summer. That means more choices for home shoppers. Real estate website Zillow.com also has found that in housing markets nationwide, the highest share of listings with at least one price reduction most often occurs in August and September. In addition, the inventory of homes available for sale typically peaks in August, declining into fall and through winter and not increasing again until the spring home buying season begins in the next year.
This year, another benefit to buying a home right now is the record low mortgage rates. Today’s rates are incredibly low from a historical perspective. And by selecting a fixed-rate home loan, you can lock in a low rate for years to come. Low mortgage rates stretch your home buying dollars and can help make your mortgage payment more affordable. If you haven’t checked mortgage rates lately, now is the time to do so!
When it comes to actually moving your household, late summer and early fall also can be great times to schedule a move. The weather is starting to cool down and movers and moving trucks are more available. If you’ve ever moved during this time of the year, you know it sure beats moving during a rain storm in the winter or in the hottest days of the summer.
Thinking about buying a home? Start your home buying journey with us. Give us a call today: (614) 506-0588.