I was recently meeting with a buyer to talk about buying a home in West Knoxville. While we were talking about the type of housing they were wanting to buy. They asked me is now a good time to buy or should we wait until Spring?
I told them in my opinion the Fall and Winter are the BEST Time to buy!! They looked at me in a confused look and asked how could that be we thought the Spring was a better time.
I told them that is what everyone thinks but let me share 3 reasons why now is the BEST Time to buy.
1. Since most buyers think the Spring Market is the best time there is less competitions for you. Less competitions means fewer buyers competing for houses. Which mean less chance of competing offers on really good houses. Which means better pricing and terms for you as a buyer.
2. The sellers selling in the Fall and Winter are motivated to sell. They have a serious need to sell and because there is a smaller buyer pool guess what that means for you as a buyer? HMMM…That is right a better price and terms than in the Spring Market when there is a more competition. Because these sellers are more motivated to sell they are more likely to accept an offer they wouldn’t take when there are more buyers in the market.
3. Low interest rates. The rates are very low right now. As I look into my crystal ball for 2015 I don’t know how much longer they will stay in the 4-4.5%. If the rates move up to around 5% or higher it will reduce you buying power. You won’t be able to buy as much home as you can right now with these lower rates.
When you consider less competition, better pricing and terms, and low interest rates. Why wouldn’t you buy a home now? That is exactly what I asked my buyer..
We have found their perfect home in West Knoxville. They bought it for about $7500 less than similar homes sold for earlier this year. We got the seller to pay a good part of their closing cost also.