The days are getting shorter, school is back in session and the triple-digit heat is gone. Autumn has officially arrived. But while the weather is cooling, the housing market may not be. In fact, according to a report from Realtor.com, the best time to purchase a home is the first week of Fall.
After the summer, buyers tend to have less competition which often translates into greater leverage when making offers. Out of the 52 major markets in the U.S., 41 reported the last week of September is the best time to buy. Competition tends to be reduced by up to 26 percent and inventory increases by 6.1 percent.
Buying a home in the latter part of the year is also the last chance for buyers to add the tax benefits to the follow year’s return. Sellers are also more inclined to sell in the fall to avoid having to move during the holidays.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.375 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.