Fall is typically a good time to buy a house because that tends to be the time of year, in a traditional real estate cycle, that inventory increases and buyer activity decreases. Some of the best deals I’ve seen people get on homes and other real estate happened between September and January.
Over the last couple of years, fall has been a little slower than spring for sales, but it has still been a hot market because of lower interest rates, low inventory of homes for sale, a strong economy, and high net migration into Utah.
This year, however, there is more inventory available due to rising interest rates and inflation and It could be prime time to get into the dream home you have been looking for.
Rates have risen significantly, but are still historically low, and the market is changing. We are starting to see more price reductions to get homes sold and it’s taking longer to sell some homes as inventory increases. As rates and inventory of homes for sale continue to rise, home prices will most likely come down.
There are typically fewer buyers in the fall. Families tend to move in the spring in order to get into their new home before the next school year starts.
With fewer buyers in the market, you’ll have more time to look around and more options to consider, and you’ll be less likely to run into multiple offer situations.
It’s hard to overstate the importance of your own personal readiness when deciding if you are ready to buy a home. The best time to buy is when you feel confident in your own financial situation and personal goals because there tends to be a fair amount of emotion in a house hunt.
When buying a home, your timing can feel more important than anything else. Each season brings both pros and cons when shopping for a house, including inventory, competition, and prices. Ultimately, the best time to buy a home comes down to your own readiness, monetarily or otherwise. Let me help you find the home of your dreams!
Salt Lake City And You
You can check out all our blog posts at the SLCHomes.com Blog. This is a great resource for learning more about the current state of the Salt Lake residential real estate market.
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