Advantages of Buying a Home in the Fall

As autumn arrives, you can look forward to falling temperatures and falling home prices, which makes it a great time of year to buy a starter home.

According to MarketWatch, the inventory for starter homes makes for an extremely attractive situation for buyers, namely the trend for lower prices, when the fall arrives.

A starter home is defined as a home in the lower third of a market’s valuation, something that’s affordable for median-income earning workers. MarketWatch lists these advantages for anyone who’s in the market for that type of house:

Here’s the math for anyone buying a house at its listing price at 4.8% lower by the time winter comes:

Let’s say you’ve bought an existing home at May 2019’s median price of $277,700 according to the National Association of Realtors. You’d pay $264,371, or $13,329 less.

MarketWatch reminds anyone in the real estate market that summer is usually the most expensive time to buy a home, particularly in June and July. So, if you can, plan your home purchase for a time that more typically will benefit you and your budget.

Take your first serious step toward owning a home by applying for a pre-approval on a mortgage. A pre-approval can lock in an interest rate, and it shows a seller that you are a qualified buyer who is prepared to make a home purchase.

Loans subject to credit approval. Certain restrictions may apply. Rates and terms subject to change without notice. RBFCU mortgage loans are available only on property in Texas. NMLS# 583215.

This article is intended to provide general information and should not be considered financial advice. Please consult a financial advisor for more information.