I have had a few conversations this week with people who want to buy a home and wanted to know the advantages of buying soon Vs. waiting until spring.
Predicting the future is tough and I don’t have a standard kind of one size fits all, or now is a “good time to buy” answer. I’ll just remind everyone that I work all year. 😉
Right now in the fall of 2018, the inventory of homes on the market is very low but about 30% higher than it was last spring.
In the past, there were fewer homes on the market in the Fall and Winter which was yet another reason to buy in the Spring.
Prices are holding but I am seeing more price reductions and there are some bargains out there that were on the market all summer and priced too high.
Interest rates and prices are likely to be higher next spring and if the trends from the past few years old there will a lot of competition to buy and multiple offers will drive the prices of the most desirable up.
There are a lot of people who hate the idea of moving in the middle of the winter. We may luck out this year and have a warmer than average winter but it is still winter, or so they say.
The advice I am giving to homebuyers who do not have a place to sell is to get ready to buy. Get pre-approved and get your finances in order. Be ready for opportunities that will arise in the late fall and early Winter.
Home buyers who have some flexibility will be able to take advantage of the bargains that seem to go on the market between Halloween and the first of the year.
Unless something changes drastically we will see a strong seller’s market in the Spring with those “coming soon” signs popping up and homes being sold before they hit the regular real estate market.
