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Almost everyone is aware of the ever-present news about real estate and how prices are falling, interest rates are at their all-time low and inventory levels far exceed demand. Traditionally the peak season to sell homes, regardless of whether it is a down market or in an upswing is during the spring months and into the summer. As we head into winter and leave autumn behind, for most people the thought of buying a house just does not occur to them.
But think again. This is one of the best times ever to buy a home and why not seize the opportunities that exist as an extra edge by buying during the off-peak season? Here are some great reasons why now is the perfect time to be considering a new home, a buy-up, an investment property or even a first-time starter house.
I See Your True Colors
During the warmer seasons it is easy to camouflage a host of issues that may exist with homes on the market such as leaking roofs, inadequate heating and cooling systems or structural issues that are not commonly visible to most people. But a house’s true colors are often visible when it is viewed during the cold, wet winter months because there are the elements to contend with and faults that otherwise would not show up if viewed during warmer times.
I’m Tired of Waiting
For many homeowners who might have been trying to sell their house for many months during this down market, there is a good chance that the days on market is significantly high at this point of the year. For a buyer this presents the benefit of a worn out seller who may be willing to offer just about any concession under the sun to get that house sold. By carefully timing your purchase, you may be able to get some great deals on your dream home – all because of buying during an off-peak time of year. Keep in mind, the people who are selling are usually those who are in the market to buy another home and the idea of moving during the dead of winter is simply not appealing so they too want to sell before the holiday season approaches.
Things Sure Are Getting Tight Around Here
The more time that goes by the harder it is to obtain a mortgage. This is mainly because lenders are extremely wary of potential litigation in case of default, seeing the exacerbated number of foreclosures and short sales during the past 18 months. Lenders are exercising stricter guidelines and extremely detailed underwriting processes to make sure all the t’s are crossed and i’s are dotted. Buying now only ensures that you are getting in on the mortgage process before things heat up even more.
They’re HOW Low?
Yes, interest rates remain to be one of the strongest motivations for buyers to buy no matter what time of year it is. And with the last reported month’s figures showing a significant increase in home sales from the previous year to this one, it only further demonstrates how many people are cashing in on these very low interest rates. Not only that, as Freddie Mac recently reported, due to the current economic situation in the US and Europe, interest rates dropped two weeks in a row. There is no telling how long this will last – so naturally if you are even remotely in the market to buy a new house or upgrade from an existing one, now is definitely the time before the mortgage rates start to climb back up again.
Imagine celebrating the holidays in your new home. And imagine celebrating the great deal, buying more house with less money. For savvy homeowners and prospective buyers who seize these opportunities that only come around once in a lifetime, nothing could be greater than to be able to focus on the real things that matter in life – life and living in a happy home.
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