If you’re a regular blog reader of mine then you know I’ve given you a number of blogs recently about why the fall season is a great time for the real estate market including;
- Pittsburgh Real Estate Is NOT Slowing Down!
- Home Staging Tips For The 2015 Fall Season &
- Why You Should Sell Your Home This Fall
Those blogs might have you ready to sell your home during this fall season, but are you ready to buy as well? Maybe you put your home on the market and are staying with friends or family until the spring or summer hits; or maybe you’re selling your home and looking to rent an apartment instead. Whatever your reasons, this blog should convince you of this one very important fact – October is the best month to buy your new home! Here are some reasons why:
- According to a survey done by RealtyTrac, the average sales price was 2.6% BELOW the full market value of the 2.7 million October sales over the last 15 years!
- February, July, December, and January were also recorded as great months to buy (notice that they are all winter months except July!)
- April is considered the worst month to buy a home (over the past 15 years, the average premium was 1.2% ABOVE the market value of the sale)
- Home prices are predicted to rise between 10.5% and 25.5% over the next five years according to another trusted source.
- According to the same source, 30-year mortgage rates are predicted to rise later this year.
- By the end of next year a number of trusted sources (including Fannie Mae & Freddie Mac) predict the rates will rise almost a full percentage point.
In addition to these great statistics it’s important to remember some tips from the blogs above including:
- Less Competition – Many people that might be thinking about buying often get busy around this time of year because school is starting and the holidays are around the corner as well. With the colder weather and shorter days prospective buyers are also less likely to go out searching, giving you top choices!
- Motivated Buyers – While some people might not be searching for a home because of the busy time of the year and the holidays coming up as previously mentioned, these reasons are also likely to create more motivated buyers. People that are coming to your Open Houses and touring your home are much more likely to be buyers than those in the summer that are just browsing a number of different homes. A lot of buyers that are looking will want to get moved in and settled before the really bad weather and the holidays hit.
With all of these reasons and statistics and previous blogs about the fall season being so great for real estate hopefully you’ll be more ready than ever to put your home on the market or search for a new one! Feel free to browse our featured listings where we hope you’ll find your dream home and contact us soon!
Happy Browsing and Happy October!
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Until Next Time,