Should you buy a home this fall?
Labor Day has passed, school has started, and football is officially back in season. As summer slowly eases into fall, you may be wondering whether or not it’s a good time to buy a home.
You may worry that home prices have risen too much or that there’s is simply too much competition that it may not be worth trying to buy a home. In this post, we’ll cover some reasons why it’s (still) a good idea buy a West Knoxville home this year.
You’ve probably heard a lot in recent years about mortgage interest rates rising. While that is true, it’s not as dire of a situation as you may think.
Over the past 45 years, the fixed rate 30-year mortgage has gone as high as 18.63% in 1981 (imagine that mortgage payment!) and as low as 3.31% in 2012. Since the mortgage crisis in 2008, mortgage interest rates have stayed below 6%.
If you’re worried about mortgage interest rates and you still haven’t bought yet, now is the time to consider buying. Mortgage rates (as you well know) are only predicted to rise as the year goes on. There’s never predicting what will actually happen, but with the economy improving and unemployment decreasing, they really have nowhere to go but up.
It’s still much more affordable now to buy a home than it was at many points over the last 30 years. If you’re still worried about paying more in mortgage interest, you always have the option of buying down your rate or making additional principal payments. This can help you save a lot of money over the life of the loan.
Spring and summer tend to be some of the most competitive times to buy a home. People want to be out looking for homes when the weather is nice and be able to take care of a move over the summer. This makes them some of the most popular times for buyers to hit the market.
While fall can still be a popular time for people to buy a home, it’s sometimes not as popular. In a seller’s market, this can make fall an ideal time to buy a home. With a little less competition on the market, you may find that it’s not as hard to buy a home. You may not be competing with as many buyers and in turn may be able to avoid a multiple offer situation.
Fall can sometimes be a time where people decide to stop looking. With school in session and the holidays on the horizon, there are many who don’t want to deal with the hassle of a move.
You may be pleasantly surprised to learn that sellers may be motivated as well to sell at this time of year. Many sellers given the choice tend to want to sell during the spring and summer months. It’s more ideal to sell when your yard looks nicer, the days are longer and you’re not stuck dealing with moving during the holidays.
Those sellers who weren’t able to sell this home this summer may be motivated to go ahead and get it sold before the holidays. Or, those sellers who have just listed their home may have good reason to do so. They may be transferring or in need of a different home.
Regardless, fall can be a time where sellers are motivated, which can make it an ideal time to be a buyer.
Are you looking to buy a West Knoxville home for sale? If so, please let us know if there is anyway we can assist you with your home search. You can contact Rick at 865-696-9002 or via email at [email protected]. You can contact Kati at 865-392-5880 or via email at [email protected]. Also, be sure to check out our West Knoxville Home Search Page to see what homes are for sale in the Knoxville area.