Hey home buyers, we want to let you in on a little secret. If you’ve been on the fence about putting in an offer, we recommend going for it…the last week of September.
Why? Because nationally it’s the BEST time to buy a home! The real estate market tends to be most favorable to buyers from September 25th through October 1st. Historically, this has been true, but we wanted to find out why. So, we did some digging.
We started by looking at the conditions of the real estate market. What aspects work out best for buyers?
While this week can make all the difference as a buyer, don’t hesitate on making an offer! This market is still hot, and you don’t want to risk missing out by taking too long to decide.
Besides the better odds associated with the best buying week of the year, there are other ways to boost your buying power in the fall!
First, take advantage of end of the season sales for any larger items for your new home (think lawncare). Heading into fall, the prices of items such as lawnmowers and patio furniture will be reduced. Look ahead to Black Friday as well, for home purchases like televisions, furniture, and kitchenware.
You may wonder how that will help you save on a home but stay with us here. A lot of home buyers (especially first-time home buyers) don’t have the items needed to fill a new space. Buying them on sale (or better yet, second hand if possible) can keep you on budget and allow for more savings toward your down payment.
Next, focus on your home inspection. There are red flags to look for in any home, but they can be easier to spot during seasonal transitions. Something that may be missed on a perfect summer day (like flood damage) can be caught more easily on a rainy Thursday in the fall! Issues like structural damage can lead to costly repairs, which can affect your budget and the value of your home. Stop any problems before they start by getting a thorough home inspection before buying.
Last, but certainly not least, our most important way to get the most bang for your buck when buying… working with a Home Loan Specialist you TRUST. After all, buying a home is one of the biggest investments you’ll ever make. The company you choose as a mortgage lender should be helping you build wealth through homeownership. Here’s how the team at Churchill does just that:
Not everyone will qualify for a home loan right away, and that’s okay! Your Churchill Home Loan Specialist will educate you on how to prepare for next steps (and support you) as you save up a down payment or pay down debt.
It’s important to mention today’s market is still anything but typical. The incredibly low interest rates we saw in 2020 and 2021 were wonderful, but unsustainable. As the world opened back up, it was inevitable that interest rates would begin to climb. Partner that with home appreciation and you get buyers forced into a more competitive market. We are inching back to pre-2020 normalcy, though, and as long as you know what you’re looking for, you can achieve your dream of homeownership.
If you’re in a place to buy, take advantage of what the best week of the year has to offer and make YOUR offer between September 25th and October 1st! If you’re not quite ready or just want to know your options, that’s okay, too. We’re here to help. Give us a call to get started!
The Churchill Certified Home Buyer program is not a commitment to lend funds and is not an approval but is a conditional approval subject to your acceptance of the terms and the conditions being fully satisfied prior to closing. All conditions are subject to final underwriting and final investor approval. The certification is subject to the financial status and credit report(s) of everyone on the application remaining substantially the same until closing, an acceptable contract of sale on a suitable property, collateral (the appraisal, title, survey, condition, and insurance) satisfies the requirements of the lender and loan selected is still available in the market. All closing conditions of the lender must be satisfied including the clear transfer of the title, acceptable and adequate title and hazard insurance, flood certification, and any inspections that are required by the real estate contract.
Rate Secured is available on 30-year conventional conforming and high-balance fixed-rate loans. Rate Secured is not available on investment property home loans.
Seller Guarantee is for qualifying borrowers and select loan types only and are not available in all states or locations. Offer only valid on home loans closing on or before December 31st, 2022
Source: https://www.realtor.com/research/best-time-to-buy-2022/?utm_source=Realtor.com+Economic+Research+Mailing+List&utm_campaign=aa09f0faf9-EMAIL_CAMPAIGN_2020_04_26_01_53_COPY_01&utm_medium=email&utm_term=0_5fdb87a164-aa09f0faf9-170726378