Are Buyers Still In A Good Position To Buy This Fall?

Now that summer has come to an end and Fall is here, what are the experts saying about the housing market for buyers? The question is, is it still a good time for me to buy? Well, the short answer is YES.

According to Lisa Sturtevant, Housing Economist for Freddie Mac and I quote, “After the end of summer lull, and as mortgage rates stabilize, we may see a return of buyers and a relatively strong fall housing market.” While interest rates have gone up, much to the buyer's disadvantage, they are still historically low. And along with increased inventory, more options continue to become available to homebuyers in a market that is still competitive, but not one where a homebuyer is continuously outbid and having to pay an additional $50,000 to $100,000, or more, to be the highest bidder.

This in turn, gives buyers the opportunity to purchase, while experiencing seller concessions, that may not have been available the last couple years. This can include closing cost credits, buying the interest rate down, and sellers being more open to covering the cost of a few repairs. Also, if you are considering buying, please consider this short list of things to concentrate on to put you in a better position: good credit score, personal savings, down payment, debt to income ratio and loan type. Combine this with more inventory, and you as a homebuyer are in a MUCH better position to purchase and may have more room for negotiation depending on what the home was originally listed for.

But as always, consult your experienced real estate professional for expertise, insights, and market updates. Experience in a market like this is now more important than ever. We have nearly 40 years of market experience, and can help you to navigate these trying times, to derive the very best outcome for you.