Labor Day, in many ways, marks the end of the summer; school is back in session, the weather cools off and fall is around the corner. While these things may be construed as being a time to slow down, many real estate experts suggest this is the time to kick off the hunt for a new home.
The autumn months typically have far fewer homes being sold and therefore less competition. In the current market climate of bidding wars and price hikes, the off-season may be the perfect time to avoid competing with others for the ideal home. Instead, fewer buyers often mean that sellers are more willing to negotiate.
The latter part of the year is also when people begin tax planning for the coming year. Homeownership allows tax payers to deduct property taxes and mortgage interest and can take advantage of these incentives even if they only owned the home for a small portion of the year.
Meanwhile, conforming no-point 30-year fixed rates averaging 3.375 percent while the 15-year rate is near 2.75 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.