Are buyers still in a good position to buy this Fall?
Now that summer has come to an end and Fall is here, WHAT are the experts saying about the housing market for buyers for Fall 2022? The question is, “Is it still a good time for me to buy?”
Well, the short answer is YESSS. Hi, I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station, I’m going to give you 3 great reasons to buy now and 1 Big Fat Tip that will help put you in the best position to buy in any market.
According to Lisa Sturtevant, Housing Economist for Freddie Mac,, “After the end of summer lull, and as mortgage rates stabilize, we may see a return of buyers and a relatively strong fall housing market.”
Reason Number 1: Interest rates have gone up, but to the buyer’s advantage they are still historically low. Marry the house and date the rate – you can always refinance later when rates bottom out again.
Reason Number 2: With increased inventory, more options are available to homebuyers in a market that is still competitive but not one where a homebuyer is continuously outbid.
You’re afraid you can buy less with higher rates but it was the same story when buyers were having to pay tens of thousands over ask price. So get out there if you want to buy a home and buy one!
Reason Number 3: This less competitive atmosphere gives buyers the opportunity to purchase while experiencing seller concessions that may not have been available the last couple years. This can include closing cost credits, rate buy downs and sellers covering cost of repairs.
Now for that Big Fat Tip:
If you are considering buying, here is a short list of things to concentrate on to put yourself in a better position: Have a good credit score, personal savings in the bank, a down payment, mind your debt to income ratio and study the type of loan that will be best for you. Coming from a strong financial position will always benefit you when buying anything!
If you are ready to buy, let’s meet up and find just what you are looking for. We are here to explain everything to you along the way and help you find your dream home. We love matching our clients with the perfect place!
I’m your Community Market Leader Sherri Echols, a helping hand for a happy home.
