I know, I know……don’t realtors always say now is the best time to buy? Or sell? Or do anything?
It is a phrase that is often used to motivate anybody to do something sooner rather than later, but right now really is the best time to buy all year.
Let’s get the most commonly used reason out of the way: Rising interest rates. Yeah, a quarter or half a point doesn’t seem like much, but over the 7-10 years you may stay in your house, it could buy you a lot of other things, especially now that you probably won’t be deducting the interest you pay on your taxes.
The big reason is that the market has slowed down. Sure, it always slows down some in the fall and winter, but this seems to be even slower than normal. I haven’t had a showing where there was a line, or somebody coming or going while I was there in quite a while. Less competition means you have a better chance of getting a house. Listings are staying on the market longer too. I am seeing a whole lot less of houses selling in 0-4 days and a lot more in the 5-20 day range. That is still a really short time. I am not saying the market is crashing or anything. Just that the spring and summer frenzy is over. Most of the people who were going to buy have done so already. The ratio of buyers to sellers is more balanced than it has been all year.
I suspect it will be a slow winter followed by another frenzied spring and summer. While I don’t think prices will go up that much next year, there will be more competition from other buyers than there is now.
So, roll up your sleeves and go buy a house, because it really is the best time!