You have been tossing the idea around in your head to buy a home. The market is still challenging and there seems to be less homes for sale, yet the demand continues to grow. As a result, "homes for sale are spending less time on the market and well-priced homes in sought-after neighborhoods move quickly." Don't fret! - the calendar is now on your side, and as Realtor.com's chief economist Jonathan Smoke suggests, make sure you're..
- "Pre-approved for a mortgage
- Working with an expert and responsive local Realtor®
- Laser-focused on your needs, ready to make a decision rapidly
- Willing to avoid contingencies or making too many demands of sellers"
We want to encourage you and shed some light for you soon-to-be-home buyer. The market is in your favor thanks to the calendar and new season! As we enter into the slower real estate cycle in it's fall phase, current buyers will have to compete with less demand. "Demand follows a more extreme seasonal pattern. The busiest month on average is June..December (is) the slowest month of the year." says Smoke. Why is that? Well, the weather and the school year have a lot to do with it. "This annual cycle shifts to favor buyers in the fall and winter. From now until January, buyers will have more inventory available relative to each sale with each passing month." So take advantage of this time, buyers!
To help you prepare for your home search we want to ask - Do you know how much home you can afford?
John Bailey Realty offers a mortgage calculator that can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. Try it out.
We look forward to serving you and your home buying needs! Contact us today.