Typical home financing involves a buyer finding a home and applying for a mortgage, getting…
Real estate experts are predicting that September-in-to-fall is the best time to buy a house in 2017. Across the country, inventory is shrinking. In fact, it’s 5.3% lower than it was last year at this time. That means many buyers are jumping on the first homes they view.
Because many sellers rush to sell their homes in the spring, at the beginning of the season, waiting until fall to buy a house may save you a lot of dollars. Many sellers become nervous if their house is still on the market at the end of summer. Anxious sellers will likely be more willing to negotiate.
But it gets better in October
Buyers who purchased homes in October saved an average of 2.6% over homes sold in the summer. Additionally, buyers who closed on October 8 averaged a whopping 10.8%. The discounts are likely because there are fewer buyers looking and sellers are more willing to consider accepting a lower bid.
In fact, sellers who keep their homes on the market through the holidays are usually very motivated to sell. After October, the best months to buy are February, July, December, and January. Following October 8, the next best date to buy a house is November 26, followed by December 31. October rounds out the top days with the 22nd and the 15th coming in fourth and fifth, respectively, with all those dates averaging over 9% savings.
The worst month to buy a house? April. Because of competition, you should prepare to pay at least 1.2% more than the home’s market value. The worst day to buy a house? January 19, with buyers closing on this day paying over 9.6% more than market value on this day.
Buy a house on Monday
Looking at the days of the week, Monday closers save 2.3%. Friday is the second-best day, with an average discount of 2%. The worst day of the week is Tuesday, with only a 1% discount.
Local averages will vary
The stats referenced above are based on nation-wide averages, but that doesn’t mean that there aren’t deals to be found here in Lane County. It may still be a seller’s market here in our region, but circumstances can change any seller’s outlook on selling their home. Check with a trusted property investor or realtor close to you for more information about houses for sale in Eugene, Springfield, and Junction City.
Don’t forget about interest rates
30-year fixed rate mortgages were 3.92% in August, 2017 and a year ago, it was 3.45%. Rates are ticking up, with Fannie Mae predicting 4.1% in 2018 and Freddie Mac predicting 4.7% in 2018. This doesn’t mean that they will go higher, but there’s a good chance they could trend up. 15-year mortgages are currently hovering around 3.3%, and that’s a great deal for you if you can swing a bigger monthly payment.
Happy House Hunting!
Incidentally, Monday, October 8 pops up in the 2018 calendar. Get your ducks in a row now and start looking for your perfect home!