As Fall 2017 begins, recent data shows that a slower fall season for home buying may be approaching. This decrease may be the push some home buyers need to jump into purchasing.
Data Shows Fall Is A Great Time For Home Buying
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Prices are easing somewhat. For the second month in a row, the median price of an existing home dropped. It reached $253,500 in August, after reaching a record high of $263,300 in June, according to the latest data from the National Association of REALTORS®.” (Source)
Typically, you’ll see a decline heading into he fall in home purchases because spring and summer are both very popular seasons for buyers. In the summer, families are moving and getting settled in before school starts so you will notice the homes that are for sale in the fall are much smaller and tend to be less expensive.
"Home buyers may find attractive mortgage rates this Fall. Mortgage rates are still under the 4 percent psychological threshold, which can be a luring incentive for borrowers. Freddie Mac reported last week that the 30-year fixed rate averaged 3.78 percent, holding steady at a 2017 low.” (Source)
Studies conducted by RealtyTrac in 2015 show that fall can be the best time to buy. (See the details of the study here). In this study they found that October was the best month for home buying. Home buyers need to act fast however, because properties are not staying on the market for long."Fifty-one percent of homes sold in August were on the market for less than a month, according to NAR. Properties typically stayed on the market for just 30 days in August."
Ready to buy a home this Fall? Contact Khalil today to set up showings for homes you are interested in and discuss our 1.5% cash back buyer rebate.