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Why You Should Buy a Home This Fall

If you’re wondering if it’s the right time to buy a home, you should know you have an opportunity to grow your wealth, stabilize your expenses, and benefit from more options for your home search this fall.

According to Realtor.com, the week of Sept. 25 to Oct. 1 is the best time to purchase a home due to lower prices, more inventory, reduced competition and more time to make decisions.

1. The number of homes for sale is increasing.

While the number of homes is still low compared to pre-pandemic norms, there is a good news for your home search. The number of homes for sale has grown as considerably this year. As the National Association of Realtors (NAR) says:

“It’s very promising that housing inventory is improving. There are nearly 30% more homes available for sale compared to January.”

If you begin your search now and work with a trusted real estate agent, you’ll be in a great spot to benefit from those additional options to help you find your dream home.

2. Home prices are appreciating more moderately.

If you’re waiting to buy because you think home prices will fall, you should know experts say that’s not projected to happen. According to the latest forecasts, experts project home prices will keep appreciating nationally, just at a more moderate pace than they did over the past year.

The good news is, once you do buy a home, any ongoing appreciation will help grow the value of your investment.

3. Homeownership can grow your wealth.

Once you own a home, you’ll own a tangible asset that typically grows in value over time. As home prices
appreciate, and as you pay your monthly mortgage payment, you’ll build equity in your home. This gives your own net worth and stability a boost. As Freddie Mac says:

“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

4. Buying a home helps shield you from rising costs.

Census data shows the median monthly rent is consistently going up (see chart below) and has been since the late 1980s. To escape rising rents, consider purchasing a home so you can stabilize your monthly housing payment. Homeownership allows you to lock in what’s typically your largest monthly expense: your housing payment.

Let’s connect if you’re ready to learn more about the benefits and rewards of homeownership. Contact us at 817-796-9172 or info@minteerteam.com TODAY. We have been helping people buy and sell in DFW for over 30 years!