Buying a home is a tricky, complicated, expensive, draining and stressful process. Okay, not always, but it definitely can be. One seemingly easy way out would be to buy a home from a family member or friend. You’d get a lower price, a quicker process, potential for owner financing, and wouldn’t it be much easier to deal with someone you already have a great relationship with? Buying a home in a non-arm’s length transaction might be a great idea, but there are a number of things you need to know before you can pop the cork.
This time of the year is great for a lot of things: spending time with family, playing some football in the front yard, enjoying the playoff hunt for baseball, and buying a house.
Wait. What was that last one? Yep. The fall could be a great time to get off of your couch and finally make a move on that house you have been eyeing down for a while now.
It makes total sense to me that autumn is a great time to “fall” into the home of your dreams (Get it? Fall?! Oh, I crack myself up sometimes).
But seriously – with the holidays coming around the corner, wintertime laziness, vacations, and so on all coming within the next couple months, when did you really expect to get out there and go house hunting?
That’s exactly what I thought.
According to a survey conducted by ERA Real Estate, 40% cited the end of vacation season and a back-to-school mentality as reasons that their clients refocused on buying or selling their home. On top of that, 20% of brokers and agents cited that buyers wanting to be in a new home for the holidays as a major reason to buy during the fall, and 10% said financial motivation to purchase a home and take advantage of tax credits.
Additionally, 27% of buyers in the fall are first-time homebuyers, while 20% are move-up buyers.
If you’re house hunting in the Midwest, it might be even better for you. The National Association of Realtors showed that home prices fell by an average of $10,000 between August and September and by nearly $20,000 by October! That’s a decent amount of cash you can keep in your pocket for anyone out there.
Who knows? You might even be able to run into the home of a frustrated seller who is upset that they couldn’t sell their home over the summer and put it on a fire sale.
Go out, find the home of your dreams, and take advantage of today’s record low mortgage rates!
Oh…you didn’t know mortgage rates are at record lows right now? Check it our for yourself!