Autumn Can Be a Great Time to Buy a Home!
Did you know that Autumn is one of the best times of the year for buying a home? Not only is it a lovely time to enjoy the beautiful Atlanta weather, but there are some other factors that make this time of year a win-win for buyers in a sellers’ market.
You may have heard horror stories about multiple families making offers on the same property. Many families have the goal of securing a new home and being moved in prior to the school year. Since the school year has started, there is less competition in the marketplace. However, there are still plenty of homes available.
During the spring and summer months, the hot activity and sellers’ market conditions caused sellers to list their properties at or above market value and were reluctant to consider offers that didn’t align with their dreams of making a profit. During the fall, these same sellers will most likely consider selling for a more realistic price since there are not as many buyers viewing their properties and multiple offer scenarios are less likely.
It’s also important to consider that interest rates are still historically low. In 1981, when mortgage rates hit 18% and seemed to rise every day, single-digit rates seemed like an impossible dream. Realtor.com reports that last August, rates on 30-year mortgages bottomed out at 3.55%. Now that the Federal Reserve decided to raise its key interest rate, mortgage rates have been climbing slowly. Today, the average rate is just above 4%; by 2019 or 2020, rates could easily climb to 6%.
This fact combined with avoiding the Spring/Summer home buying frenzy may ultimately enable you to buy more house for less money.
If you’d like to grab a coffee (maybe even a pumpkin spice latte) and discuss your home buying needs and dreams, please feel free to contact me at Bruce@CommonGroundRealEstate.com or via phone or text message at 404-441-6930.