Is Now the Time to Buy a New Home?

Are you wondering whether or not to get into the real estate market? You may be wondering about timing—whether you are looking at buying a home or selling a home. When is the best time to jump in?

First of all, anytime is good. I know you are probably thinking, “You’re a Realtor®, of course you would think any time is good.” So, let me explain.

There are benefits and drawbacks to every time of year. In the winter the market is slower. There are fewer homes on the market and there are also fewer people trying to get them. The pace is a little slower.

If you are buyer during the winter there are fewer people competing for the same property—but there are also fewer properties on the market. Most times, buyers during this time are very serious buyers. If you are selling in the winter, you will have fewer people interested in your home but they will be real buyers—not just people out to view your property because they have nothing better to do.

If you are looking at buying a home, the springtime provides the greatest inventory. You will have the most homes to choose from. It also provides the most competition for purchasing a home. A great deal will be snatched up more quickly….but it may be replaced by another.
Currently, overall home inventory is at one of its lowest levels. This may make it harder to find a home but definitely easier to sell your home at a good price.

Right now, interest rates are still historically low as they are still below 7%. Even though rates are higher than they were a year ago, rates have been trending slightly lower in the past month. We had gotten spoiled by extremely low rates that hung around for a while. By contrast, in the early 1980’s mortgage rates were over 15%! When I purchased my first home in 1993, the first-time home buyer rate was exceptional at that time—at 6.75%. The current rates are still historically good and trending in the right direction. Unfortunately, I don’t think we will ever see rates again below 4%. That is a great reason to consider diving into the market.

If you are looking at selling, low interest rates play a big role. A lower rate means that a buyer can qualify to purchase a more expensive home. That increases your pool of potential buyers.

If you are thinking about moving but are wondering what your home may be able to sell for in the current market, give me a call. I can do a comparative market analysis on your home and provide you with some ideas of what you may be able to sell your home for in this current market.

Spring is a time for new growth and new beginnings. It will get here sooner than you think. Don’t you want to start fresh? Don’t wait—take advantage of the opportunities the current market provides. You can call or text me at (605) 593-3759.