When is the best time to buy a house? here’s the magic answer – the month of September!
The kids are back in school, the weather is getting cooler, colors are beginning to change – these are many reasons people like September. Did you know another plus of September is that it is a great month to buy a house? Here are some reasons why statistics show that this month is the time to buy.
Just like any question that has to deal with the economy the answer is supply and demand – the same goes for real estate. The amount of homes on the market is the highest in September than it has been in previous months. One of the biggest reasons people wait to buy a home is because they wait to find a home that finds their needs. The listings inventory report on realtor.com has been growing since spring and summer and shows a 3% increase since July and a 21% increase since January. Due to the increase of supply there is an decrease in demand (also a summary of Economics 101). With school back in session, less people are willing to move. This is a good thing though because less competition in the buying department allows for more properties for you. Buying a house in September would lead to a closing near the end of November right before the hustle and bustle of the holidays – chalk that one up as another benefit of September. The last benefit of September shopping is that the current state of mortgage rates. Currently, 30-year fixed rates are a little under 4% due to the fall in stock markets. These low rates won’t last long so by signing a contract to buy a house now in September you get to lock in those low mortgage rates before they start climbing again.
With more inventory to choose from, low competition, mortgage rates and prices September is putting up a pretty good campaign for the best month to buy a house!
If you’re thinking of selling and have questions on the market or if you’re wondering what steps you should take to prep your home for sale, contact Wilson Realty Group at (919)378-1974! Our expert Listing Specialists are here for you!