Now Entering the Best Time to Buy a HouseBy Integrity Windows
Have you been thinking about buying a new house? If so, you’re in luck! According to nerdwallet, the next three months could be the best time to buy so far this year. Why is that? For starters, mortgage rates have yet to see a dramatic increase. Additionally, prices are on the decline and homes are staying on the market longer.
“The spring and summer home-buying seasons were especially tough on potential buyers this year with increasing prices and limited supply,” states Jonathan Smoke, chief economist for realtor.com. “Buyers who are open to a fall or winter purchase should find some relief with lower prices and less competition from other buyers.”
The transition into a buyers market is fairly typical, and tends to coincide with the change in seasons. It’s also a shift that’s not necessarily being seen nationwide. According to Smoke, and as reported by nerdwallet, “demand generally eases in the fall and winter months, and median list prices have declined from their summer peak. In fact, prices fell 1% in August alone — but are still up 6% year-over-year.”