If you have been on the fence about purchasing a new home, but today’s interest rates have you sitting on the fence. Here is why now is the perfect time to buy a home.

A rise in interest rates and a ton of information on the internet have led many future homebuyers misinformed

” I cannot tell you how many potential homebuyers I sit down with in a homebuying consultation that are scared to home shop right now. When I finally get to the root cause of why they are scared, I realize it is because they have been misinformed. – Erica Garvin

Erica Garvin, the owner of the Ivy Key Team, says that misinformation is one of the biggest hurdles that she must overcome to alleviate her prospective clients’ fears about starting the home-buying process. There are so many moving parts that play a role in why a future homebuyer chooses to buy other than interest rates, but even if that is your biggest concern there are solutions to decrease the interest rate even in this housing climate.

Less Competition

Real estate is cyclic and changes with the seasons. During the fall and winter months, the most fast-paced housing market may slow. Most potential home buyers will want to buy in the summer and spring months to avoid moving so close to the holidays and refrain from having their kids move into a new school district in the middle of a school year. If you are thinking of purchasing a home now, consider starting your home search during the cooler months as there is less competition with other buyers and a greater chance for your offer on your dream home to be accepted.

Motivated Sellers

As we mention less competition between buyers we must also mention how in the cooler months the market shifts from a seller’s market to a buyer’s market. A seller is more motivated and serious about selling their home and usually have listed their homes due to unforeseen circumstances. A seller may be selling their home because they are relocating due to a change in employment or a divorce. These circumstances are a huge win for potential home buyers as the seller may be willing to decrease the listing price or offer other incentives to attract a buyer to their property. In the cooler months, buyers will have an increase in negotiation power that can be used to buy down the interest rate or apply towards reducing their closing costs.

Clearer Picture of The Property

A huge advantage that home buyers often forget is the ability to see how their dream home holds up during the snowy and rainy seasons. In the summer when the weather is picture perfect, it may be hard to tell if your future home is well insulated or if the backyard’s grading allows for water to run off properly. It is also the perfect time to see how the roof and guttering hold up and a great time to thoroughly check the HVAC. During the more temperamental weather season, it is easier to see deficiencies in the home and have the seller repair them.

Focused Decision Making

The benefit of purchasing a home during a slower real estate market is that it gives you a longer amount of time to make a decision without the pressure of needing to put an offer in right away for fear of losing that home to another buyer. It allows you to check numbers with the lender to make sure that the home is within your budget. It gives you enough time to think it over and envision yourself in the home for years to come.

Seasonal Discounts With Vendors

Once you do find the perfect home and are ready to start the moving process, you can enjoy seasonal discounts with vendors that usually occur in the cooler months. Especially when shopping for appliances you can take advantage of VEterns Day, Black Friday, Christmas, & New Year’s sales. This not only applies to merchandise but also to vendors who may have slower months during this season and offer sales. This is handy for moving services, winterizing your home, and even lawn services. The list is endless.

If you are thinking about putting off owning your own own home due to interest rates I strongly encourage you to speak with one of our real estate professionals. They can also connect you with a qualified real estate professional in your state if you are not locally located in Oklahoma. Interest rates are still on the rise and there is no guarantee that it will be coming down anytime soon. The equity that you will gain while owning your home only increases and can be one of the best ways to build wealth within your family.

Erica Garvin