Good Reasons to Buy During the Holidays

Posted on Nov 7, 2019 in Home Buying Tips, Newsletter Article

Did you know that the holidays are among the best times of the year to buy a home? Put a gift-wrapped set of house keys under your Christmas tree and ring in the new year with a new abode you’ll love. Here are a few reasons why now is the time.

Home prices aren’t going down. The U.S. Economic Outlook from the National Association of REALTORS in September 2019 predicts that this year will end with a median national home price of $269,600, while home prices in 2020 will reach $278,500, a difference of $8,900 or 3%. In fact, home prices steadily rose for 89 months as of July 2019.

Mortgage interest rates are favorable. Advises Mortgagereports.com, mortgage interest rates are at or near three-year lows and are expected to stay low, making it possible for fall home buyers to lock in record-low interest rates. That’s something to give thanks over in November! Lower rates make homes more affordable than they were a year ago, when rates were higher.

Less competition for homes. Over 51% of homes were sold in less than a month in July 2019, as families were pressed to move into their new homes before the new school year that begins every August. Housing traffic historically slows down in cooler weather. Sellers may be more willing to negotiate if they know you’re serious about buying a home. Get pre-qualified for your loan and be willing to move during the holidays, and you could score a great deal.

From Chuck Barry’s November 2019 Issue of the Berkshire Hathaway HomeServices Monthly Newsletter.

© 2019 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.

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