In a normal year the ferocious home buying season would be coming to a close with people settling into their routines and perhaps doing it all with a pumpkin spice latte in their hand. The Covid Pandemic has really thrown a wrench into anything deemed “normal” and that is true with the real estate market. Anything from interest rates to type of homes people are looking for has been influenced by the current situation. In turn this could mean that an interesting fall buying and selling season is upon us.
Mortgage rates are at an all time low and that means you can make your money go farther. If you are fortunate to have a very good credit rating, and you live in New York, you should be able to score a rate around 3% or lower if you consider all the other factors as well. Because rates fluctuate as much as they do it is best to try and lock in a good rate as soon as you can. Since there are so many factors that go into whether interest rates go up or down now is definitely time to buy before things change.
Typically, when you have a growing family the thought of moving at the beginning of a school year doesn't make a whole lot sense. Pulling kids from their respective schools before they even get settled can be a hardship. However, many schools having the option for on-line learning makes it easier to imagine a move during the fall session of school. As long as the internet and wi-fi are working then school can be in session. This frees up some room for you to even consider making a move during this time.
Construction of new homes are finally rebounding after all the quarantining and social distancing that is being done so the option to buy new has become an option as well. The types of homes that people are looking for has changed as well. The need of a dedicated office space or an increase of green spaces for recreation activities has skyrocketed to potential home buyers wish lists. After spending so much time in your current home the want for more space and perhaps a more comfortable dwelling might have been realized.
While home prices have risen as supply flatlined during the pandemic it remains to be seen if the prices have grown enough to really dissuade buyers from getting into the market. What this can lead to is a double-edged sword that can be beneficial to a seller and an issue for a buyer. With little supply and a rush of new buyers it can make it harder to actually find the home of your dreams and then deal with a bidding war to finally get the contract settled. Competition will be a challenge and it will be in your best interest to come to the table prepared to fight for a property. You may even have to have your sights set on multiple properties at the same time. Having things like a pre-approval letter from your financial institution that can show your ready to get that mortgage or even a cash offer will help speed things along. You need to be prepared to bid over asking price and be able to negotiate on certain items. All in all you have to be in it to win it this fall.
Buying a home in any season is a challenge but with all these extenuating circumstances that we are dealing with currently you have to have a little bit of extra when you come to the table. Having an agent next to you in the process can make a huge difference in how it develops. If you are in need of an agent please head to our Offices and Agents page or you can Contact Us for even more information on how to either enter the buying market or perhaps sell your home.
