I want to share with you why it may be a big mistake to wait until spring to buy a home. There are several reasons!

At The Lowry Team, we do a lot of market research. We study the market in different suburbs and what's going on with inventory levels and price points and how quickly things are selling and all that, but we also are paying attention every day to all the potential buyers and sellers that we're talking to about real estate and what their feelings on the market are. What are people saying right now to us? Because we believe that a big part of our successful real estate sales is we actually listen to the consumer. We listen to the client and we hear what they need and then try to provide that.

So we do pay attention in that way, and one of the things we're hearing right now a lot is people are waiting till spring. We're hearing that over and over every day, every week. A lot of people are telling us that. And so I totally understand why someone might want to wait. If it's in your personal needs or family's needs to wait, then 100% you should.

If you're waiting because maybe the last couple of months, the real estate market's been pretty hot and it's worn you out a little bit and you're tired of trying to traverse it and to deal with it, to get through it, and you're thinking it will be better in the spring, that's where I say it might be a mistake.

Because right now, with so many people telling us they're thinking about waiting, to me, that means in the spring, there's going to be a lot of people coming back into the market, along with the people that are just by the nature of that seasonality coming to the market, and I believe that means the spring real estate market in our area is going to be crazy.

There's going to be a huge rush of buyers coming into the market thinking that now it's better. There may be a few more homes for sale, maybe, a few more. There's not going to be a dramatically increased supply of homes for sale in the spring. There just isn't. There's nothing that's driving that right now. We are seeing a few more homes right now come on the market, and that'll probably continue pausing a little bit, ebbing and flowing for the holidays, of course, but next spring, there's not going to be a rush of homes coming on the market like you might want to see or hope to see, but there is going to be that influx of the buyers.

So you're actually going to be back to that crazy competitive situation where multiple offers are going to be the norm of the day and people are going to be battling and fighting with crazy offers to win. I can't prove that to you today, but I believe, based on my 23 years of real estate sales and observations and tracking markets, that's where we're headed again in the spring. And by the spring, I mean, in most of our areas, for sure, spring market starts around March 1st-ish, it depends on the weather a little bit every year, of course, and moves through May into June are the traditional feel of the spring market.

So what would you do as opposed to waiting? Consider taking a look now. The market's still really strong. There are a few more homes for sale. It isn't quite as crazy competitive out there with the offers. It's calmed down a little bit. I wouldn't say it's slowed down, but it's calmed down. And so now between now and the end of February, it's probably going to be some of the better time to actually try to buy a home.

Add onto that, interest rates are at the crazy lowest level I've ever seen. As of this recording, they're in the range of 2.75-ish for a 30-year fixed rate mortgage. That's conventional. FHA is right around in there somewhere too. Depends on the lender and your credit score and all that, of course, but these are historic low interest rates. And so if you could layer on beating that timing of the crazy that's coming back in a few months by buying now and capitalizing on low mortgage rates, it makes for a pretty nice time right now, and that's why I think you shouldn't wait and it could be a big mistake to wait until next spring to buy.


So if there's anything we can do to help you, please let us know. We'd love to help, love to have a conversation. No obligation, of course. If you're seeing this on our website, there's probably a little form below this where you can complete that and one of us will reach out to connect with you and just have that conversation, of course in a consultative way. We're never going to try to talk you into doing something you don't want to do.

 

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