Why This Fall is a Great Time to Buy a Home
September 23, 2022
If you have been thinking of buying a house this year but have been intimidated by what you have heard in the news and online about the competition and prices, you may finally breathe a sigh of relief and start shopping for your dream home. Experts in the industry have been weighing in about the fall real estate market, and it's great news for buyers.
Though interest rates have risen, interest rates in the 6% range are nowhere near what many experienced in the recent past, when interest rates were over 8%, or even in the early 1980's when interest rates averaged over 16%. Right now, buyers are also enjoying the more moderate pace of home selling. There are more listings to choose from and not as much competition in the market. In a nutshell, buyers have options right now and more time for consideration, leaving them feeling more secure in their choice of home.
Keep in mind, as well, that the average rate of appreciation for a home is roughly 4-5% a year, making real estate one of the safest and most lucrative investments. The past couple of years have shown us appreciation of 20-40% in some areas, and though this rate is slowing down, we are still expecting to see a rate of appreciation much higher than the historical norm.
So call your Realtor today to start your home search! Don't wait for rates to rise again.