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Investing What Are Dividend Aristocrats? But while spring offers the most new selection, it is also the season in which buyers face the most competition — and competition drives up prices. A higher share of homes sold in the spring months sell for a premium than homes sold at any other point in the year.
One in four U. This pattern is consistent market to market. In Seattle, over half of homes sold between March and May will sell above list price. By late summer this falls to one in three. For would-be home buyers, this poses a dilemma. Should they purchase in the spring, when they have the greatest number of choices? Or should they sacrifice selection in favor of less competition in the latter half of the year?
The buyer and seller can meet somewhere in the middle. Lastly, the buyer can cancel. The days of every buyer being able to get a loan are long gone. Maybe the buyer withheld important information. Or maybe something came up while under contract, like job loss, which produced loan denial. When a buyer is denied it is possible they may qualify for another loan program or through another lender.
Specializing in residential real estate since in Wellington and the surrounding area. Not only does Michelle assist buyers and sellers, she assists landlords and tenants too. So while offered a great opportunity to purchase more home for your dollar, it also resulted in a situation where the majority of buyers had to have capital behind them and the flexibility to remove their appraisal contingency in order to get their offers accepted. Even then it was not a cake walk. For example, I sell homes in the Central Valley of California, where homes are getting 15 to 20 offers and going significantly over asking.
With this scenario, I have buyers who have written on four to five homes and still have not had their offer accepted. This answer gets a giggle, but I believe it states the obvious. Most of us, as real estate agents, are guesstimating the outcome of the future market based on past market history. That said, HousingWire anticipates the interest rates to stay low, ranging from 2.
With low rates, there is more buying power whereby the buyer can purchase a home at a higher price and still stay within budget. There is also anticipation of more homes being available on the market. There are possibly two sources where the additional inventory can come from. New home construction is anticipated to continue producing more homes to choose from. Also, within the State of California, investors are hopeful that the moratorium on rental properties will be lifted, allowing landlords to give notice to their tenants and sell their rentals.
Are there better times than others? Some of us will buy too high and some of us will get a deal. When purchasing a home to live in, we need to embrace the mindset that this home is our shelter and safe haven. Your personal home or palace should not be equated to your only investment. The top financial advisers remind us to diversify and that buying a home is only part of the equation of financial security. At the end of the day, when you walk into your home and close the door behind you, extreme pride and satisfaction should be felt knowing that you have fulfilled the American dream of home ownership.
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We may make money when you click on links to our partners. Learn More. Worst Month to Buy a Home: April While warm weather and sunshine are lovely elements to enjoy the outdoors and come out of dreary days, it creates a homebuying frenzy with lots of competition. About the Author.
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