If you’ve been waiting for the right moment to enter the housing market, the upcoming autumn months might just offer the opportunity you’ve been in search of. With mortgage rates gradually trending down and seasonal benefits on the horizon, buyers have a unique opportunity—one that might be fleeting.
Here’s Why Homebuyers May Want to Act Sooner than Later
Mortgage rates—which have been on the rise—are now on a downward trend, presenting a rare opportunity for homebuyers. A recent Bankrate survey revealed that more than half of homeowners would be motivated to buy if rates decrease by an additional 1% percent. If this happens, there could be a surge of buyers in the market, which means increased competition for you.
While it might seem wise to wait for rates to drop even lower, this could totally work against you. As more buyers flood the market, home prices are likely to skyrocket, which could completely outweigh the savings from a lower mortgage rate. For those looking to buy, acting sooner rather than later might just be the ticket so that you can secure a home before prices begin to climb.
Typically Fall Offers a Slower, Less Competitive Market
The real estate industry tends to be less hectic in the fall compared to the spring and summer months. This slowdown means you’re more likely to get undivided attention from real estate agents and other home-buying professionals. With more flexibility in their schedules, you may be able to set appointments sooner than during peak homebuying seasons, which can save you time in the overall process.
On top of this, fall typically sees fewer buyers, reducing the chances of intense bidding wars. Sellers who are eager to close before the year ends may also be more willing to negotiate on price. That being said, with current mortgage rates loosening up, more buyers might enter the market sooner than usual, so competition could still increase in the near future.
More Fall Shopping Benefits
As retailers prepare for holiday shopping, many home improvement products are heavily discounted which makes it a great time to purchase big-ticket items like appliances and electronics. After you settle into your new home, these savings can help you make the necessary updates at a lower cost.
Final Thoughts
With a looming spike in buyer activity on the horizon, current market conditions may offer a sweet spot for buyers. Mortgage rates are still favorable and seasonal sales can help you save on home essentials like furniture and appliances. If you’re looking to make a move in the near future, fall of 2024 may be the perfect time to capitalize on these benefits before conditions shift once again.
Keep Reading:
On-Demand Webinar, Packed with Homebuyer Resources is a Must Watch
About Michigan Mortgage Lender, Julie Krumholz
Julie Krumholz is no stranger to the change of seasons in the mortgage industry and how to help homebuyers navigate the homebuying process. For over 35 years, she’s been assisting homebuyers with different financial backgrounds to make the dream of homeownership a reality. Julie has worked in processing, closing and loan origination, underwriting, QC auditing and has even co-owned a mortgage brokerage firm. Her passion for helping homebuyers has made her a trusted resource for those navigating the homebuying process.
Call Julie at 586-382-5482 for help navigating the mortgage process!
