Thinking about buying a house? Here's something to consider. According to homes.com, mortgage rates are expected to climb and inventory is expected to remain tight.
Yet realtors in the Chicago area suggest now is a really good time to buy.
Fall and early winter, with summer over and the kids back in school is a prime time to find a real deal in residential real estate. It has everything to do with timing.
Matt Silver is a real estate broker who says between Labor Day and January 1st, the tire kickers and window shoppers have gone home. Even though there may be less homes for sale this time of year, now is a very good time to buy.
"You have very motivated buyers and very motivated sellers. When these two things meet, you end up with a very even keel market place and people who are ready to make a deal,” he says. "I have clients now who are completely unemotional, but want to take advantage of the fact that it's nicer later in the year."
According to realtor.com listing prices fall slightly in the fall, almost 3%. In winter-over 8% compared to summer.
In the Chicagoland area, the median house price is $218,000.
Comparing sales prices from June and from November in three consecutive years, prices were down consistently each year, making homes a better buy if you wait until fall. Prices dropped an average of 17% in 2013, 17% in 2014, and 15.5% in 2015.
Additionally, when you compare June to November, the drop in median sales prices can differ depending on the specific neighborhood and the price range in which you are searching.