According to real estate expert Leigh Gillig, you need to stop worrying and start looking for your new home now. “Essentially, there is no time like the present,” Leigh said.
It’s All Coming Together
After 30 years helping people find new homes in all types of markets, Leigh knows what she’s talking about. “I always say, ‘You pay if you wait,’” she explained. “We know what today’s interest rate is. We know where home prices are. What we do not know is the future!”
So far this year, home prices have increased modestly while interest rates for those who plan to buy their home with a mortgage have remained low. So from a financing standpoint, now is a great time to buy a home.
The housing market generally cools down starting in September, so fewer people are shopping for homes and fewer homes are on the market. “The closer we get to the holidays, the lower the inventory will get,” Leigh said. Right now, your choice of homes is the best it will be for the rest of the year. That’s why it’s important to begin your search now, she explained.
There’s also some evidence that home prices take a dip in the fall and winter, but Leigh cautions against setting your sights on an outright steal. “You will not get 2010 prices in 2014,” she said. “People are not giving away their homes any more. Even a less desirable home that needs some work will be appropriately priced.”
What About a Newly Built Home?
If your goal is to buy a newly constructed home, Leigh has some tips for you to keep in mind. “Your best new construction buys are completed homes,” she said. “Once a builder finishes a home, their profit starts to dwindle.” The longer the home sits, the more interest, taxes, insurance and utility costs add up. The builder will be more willing to make a deal so he can still make money.
“Don’t try to wheel and deal on a home that’s not yet built,” Leigh advised. “A builder won’t bother building a home if he won’t make his regular mark-up.”
Get Your Home Search Started Today
All that boils down to a couple of important points for home shoppers to remember:
1. Market conditions are favorable—home prices are stable, interest rates are low, and you still have plenty of homes to choose from.
2. You may face some challenges finding your perfect home and negotiating a good deal with sellers or builders.
Courtesy of: Daveramsey.com