Its possible this September could be the best month all year to sign a contract to buy a home.
Why? Buyers will now have more choices than they have had for the past 10 months. According to realtor.com®, the single biggest factor holding back buyers from making a purchase all year long has been the inability to find a home that meets their needs. However, listings inventory on realtor.com has been growing all spring and summer, a pattern that continued into August. As of the third week in August, inventory was at 1.91 million units, up 3% from July and up 21% from January.
Normally inventory peaks in August and begins to slow as the nights grow longer. But this year the typical seasonal decline will start a bit later. There will be more choices in September than any other month in 2015.
The second factor is demand. Now that school has started, demand has already started to decline. With less competition for the most listings all year, pricing power weakens as inventory takes longer to sell.
The third, and final, factor: the current low level of mortgage rates. The average 30-year fixed rate touched 4.2% in June but has since pulled back and danced around 4%. Rates are likely to be closer to that June peak by the end of the year. So signing a contract to buy a home soon would enable buyers to lock in today’s lower rates before they start their long-awaited ascent.
Bradford Miller Law, P.C. can assist you with all your real
estate needs at a very reasonable rate. We are adept at saving our
clients time and expense while rigorously protecting their
interests. Whether you are buying or selling, we can help.
At bradfordmillerlaw.com
you will find information about our firm along with helpful real estate
information. Give us a call at 312-238-9298 for a FREE 15-minute
consultation to discuss your pending or potential real estate
transaction.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
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