Fall is one of my favorite times of the year. The leaves start changing, the nights are cooler, and of course, Oktoberfest!
If you've been looking to purchase a home, the month of October is a great time to do it.
Sellers Are Motivated
Location and price are always two major factors that affect potential homebuyers, but timing can be everything. According to RealtyTrac, October is one of the best months to close on a new home.
“On average, October buyers get a 2.6% discount below estimated market value,” says Daren Blomquist, RealtyTrac vice president. “It’s that middle month between the summer selling season and the holidays [when] people are trying to squeeze in a purchase or a sale.”
Sellers who have had their home on the market since this summer may be especially motivated.
Risk of Rising Rates
There's also the risk right now of rising interest rates. Rates have creeped up a little since the beginning of September. The longer you put off buying a home, the chances that the interest rates will rise will continue to grow.
What Should You Do?
If you're looking to buy a home, you should start by getting pre-approved. Whether you're a first-time homebuyer, or a if this is your 2nd, 3rd, or 4th home, getting pre-approved is a critical step in the home buying process.
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The next step is to find a local REALTOR® in the market you're looking to purchase, and talk to them about your goals. A REALTOR® can help you find the right home and work to negotiate the best deal for you as well.
If you're looking for a great REALTOR®, feel free to contact us