Buyers are out in force - Is it time to buy a home?

Buyers are out in force - Is it time to buy a home?

We're ending the first week of October and as I've predicted interest rates have dropped and the buyers are out in force. In the last 72 hours we've had agents requesting to show our listings and buyers wanting to know about our listings. September was quieter than usual and inventory seemed to have built up overnight. Fear among agents after the busy spring and summer seemed to spread through the marketplace and many wondered if the bubble was bursting again.  We're slowly returning back to a "normal" real estate market. Average Days on the market has gone from 7 to 35. This is a big jump and I'm seeing on average a three month supply of inventory. 

Is it time to buy a home? YES, if you're looking to buy a home, BUY a home now. Coincidentally the housing market is still low and the rates have dropped about .25% over the 3 weeks. I know a few things after 20+ years in real estate. Rates and prices will continue to increase in 2014. You can search for your next home on our website, http://www.reiteam.net/  

There are many changes in store for 2014 and there are still plenty of opportunities to buy in the last quarter of the year.  One of the expected changes is the 43% rule.  This means that to take out a new mortgage or refinance an existing mortgage, your debt cap is set at 43% (overall household borrowing cannot exceed 43% of household income).  

October and November can be the perfect time to get a house slightly below market.  Inventory rises, buyer activity slows down and this can mean discounts for the buyers who are making offers.  It is also critical to use a full-time professional agent like the agents on Real Estate Insight Team to make sure that your offers are presented professionally.  Don't delay!  Contact us today to start shopping for your next home!