CHARLOTTE – In the last few years, housing professionals have been posed with the question of, “when is a good time to buy a home?” Some have phrased the question with “is there a best time of year?” whereas other have asked the question in general, given the nature of the market. From a seasonal standpoint, many people believe the fall is the best time to purchase, as there is typically less competition in the market with families sending children back to school. In addition, this year in particular, the National Association of REALTORS have released a statement stating that there are more homes for sale now, than during any point in the last twelve months, giving buyers a little more choices and control.
Now people will state the rates and prices are too high, and they are going to wait until they come down. The first piece to understand is that an interest rate is temporary. As soon as they come down, a refinance can be accomplished to lower the rate and achieve a lower payment. In addition, a survey was done by Fannie Mae’s National Housing Survey in which 60% of renters have stated they want to purchase as soon as their lease ends. That statistic alone will show that the demand is still present. This will cause homes to maintain value and/or increase as time passes (just as we saw the last couple of years).
If you have any questions about the market, especially financing, please do not hesitate to have them call/text or email email@example.com – (704) 430-6138.