Did you know that the holidays are among the best times of the year to buy a home? Put a giftwrapped set of housekeys under your Christmas tree and ring in the new year with a new abode you’ll love. Here are a few reasons why now is the time.
Home prices aren’t going down. The U.S. Economic Outlook from the National Association of REALTORS in September 2019 predicts that this year will end with a median national home price of $269,600, while home prices in 2020 will reach $278,500, a difference of $8,900 or 3%. In fact, home prices steadily rose for 89 months as of July 2019.
Mortgage interest rates are favorable. Advises Mortgagereports.com, mortgage interest rates are at or near three-year lows and are expected to stay low, making it possible for fall homebuyers to lock in record-low interest rates. That’s something to give thanks over in November! Lower rates make homes more affordable than they were a year ago, when rates were higher.
Less competition for homes. Over 51% of homes were sold in less than a month in July 2019, as families were pressed to move into their new homes before the new school year that begins every August. Housing traffic historically slows down in cooler weather. Sellers may be more willing to negotiate if they know you’re serious about buying a home. Get prequalified for your loan and be willing to move during the holidays, and you could score a great deal.