Is Now the Right Time to Buy?September 10, 2019 6:35 pm
The 10-year Treasury Note yield has been falling since early May. This has driven down the interest rates for 30-year fixed mortgage products, as mortgage rates and the 10-year tend to move together. This low rate environment enhances a fall buying season that is already attractive for buyers.
Reduced Home Prices
A survey conducted by Realty Trac, using 15 years of data, indicates that among the 10 best days of the year to purchase a home at a discount are September 10, October 8, October 15, October 22, November 19, and November 26.
Sellers who have had homes on the market after the height of the spring and summer buying seasons are now motivated to sell. They might reduce the price of their home or offer other incentives. The longer the house has been on the market, the more potential for negotiations.
Your real estate agent, who is likely less busy now than they were in the Spring or Summer, will have more time to devote to finding you the perfect house. Further, potential buyers with children are less likely to be in the market once school has started, which presents opportunity if you either do not have children or are willing to make the move during the school year.
Looking to buy in the fall is not exactly contrarian, and may, in fact, be opportunistic. If you are ready to make the move, the market may be in your favor.
Sol Skolnick is a Senior Mortgage Banking Officer at Citizens Bank and can be reached at Solomon.Skolnick@citizensbank.com for your mortgage needs.