Our recommendation is to not base your search on seasonal market. Focusing on a particular season or month may seriously restrict your options. Remain active, basing your search on your needs, not those of the seller.
Take a look at the inventory on the market where you want to buy and that's a real indicator of where the market is and whether you should wait. It's a seller's market and there is competition among buyers because the residential inventory is so low. Also, take a look at the days on market for homes and you'll see that many homes are sold less than 14 days.
Depending on where you're buying you can be expected to pay over asking price because there are more buyers than available homes.
Ask a realtor to run some stats for you over the past five months to give you an idea of the market trend. I'm happy to do this for you.
Home prices have increased slightly so if you don't have any obstacles preventing you from buying now, jump in the market.
You are in a good position to purchase. Our inventory is low right now and as much as we are all hoping that we'll see more inventory that just isn't happening right now. Inventory usually drops off in Fall and winter and if that is the case there will be even fewer homes.
As much as people believe an election affects real estate, I believe it is a drop in the bucket when people are considering such a large purchase.
As employment and stocks become stronger more people will be considering purchasing, this also includes investors.
So the time to buy is when YOU are ready, financially and personally and you find the property you can afford. What determines your readiness is a whole list of questions I would have for you.
Have an amazing day!
I'm so glad that you decided to own a home instead of renting. It will be pride of ownership for life.
Start looking for a home in your budget and find a home that you like to live in.
I think it is a good time and you are fortunate that you save money for home ownership.
To decorate and enjoy get together with your family and friends are always fun in your own home.
Please let me know if I can help you,
Sotheby's International Realty
buy now while prices and interest rates are at record lows and before they rise...you can pay all cash or leverage your money by getting a low cost loan, learn more here
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Flavio Tejada, Owner/Broker, Realtor, MBA-Finance
You have received some valuable suggestions below. If you purchasing a home as your primary residence then now is the time to buy. None of us can predict the future, however, the market trend is moving upwards. At present the inventory is low, with the seasonal change the inventory would dip even further. If you find something you like, don't wait for a better time, you may not find the same house again (speaking from experience).
A good time to buy is when you are ready to buy. In fall you might have more competition from others with cash from recent IPOs, their 6 month wait period would end (something to consider).
Assuming you are buying within commuting distance of San Jose, Sunnyvale, or Mountain View, you should not wait at all. Google, Facebook, Yahoo, LinkedIn, and many start-ups are hiring talent from out of the area for $100,000+ per year in salaries. These people are who are buying, and there are more of them than available houses, so prices are going to climb rapidly for the rest of this year and into next. If you are buying almost anywhere else in the country, wait till November.
I would like to assist you. Please call me at 408-639-0211 so I can listen to what you have in mind to buy. Then let's go find it!
Why do you want to wait?? You Buy when you are Ready to Buy., thats the Right time for you!! ...what is the purpose of Purchase, Cash now or later....are you Ready to buy?? In fall and winter there may be lesser inventory than even now....Let me know if you would like to sit down for a chat,
Be well and safe,
Congratulations on being in such an enviable position of being able to pay all cash for a property.
Waiting until Fall or Winter depends on when you would like to purchase a property. Is there a reason why you have identified these 2 seasons? Are you trying to avoid the competitive buying seasons of the Spring and Summer?
Currently we are experiencing a shortage of inventory in San Jose as well as other Bay Area cities. Not sure if inventory levels will change at that point in time but having all cash even in a low inventory environment, you should still have a greater advantage over other competition. The real question is whether you can find a property you will like with the little inventory we have so you may want to start the home search process eariler.
Hope this helps and let me know if I can help you with your home search.
I am guessing the reason you are asking this question is because your perception is that homes are cheaper during the Fall and Winter. Your perception is true. However, we are in a very special situation right now in the bay area, we are now at the "bottom of the housing market".
What this means is that whenever you decide to buy a home, chances are likely, that is the best deal you will get because prices are rising. The only reason to not buy a house right now is if you have some insider information that shows the market will be dropping back down.
To get an idea of how the market is doing take a look at my weekly market reports on my Santa Clara County real estate blog http://bayareaconnect.com/category/weekly-market-reports-for
One other thing, many buyers in the bay area are buying with cash right now so just having cash is not enough to win. I just beat out 4 other offers on a home in Rivermark Santa Clara last month with first time home buyers. If you have any questions about how to win give me a call at (408) 840-3852 or shoot me an email at Thomas.Feng@gmail.com
As Kendrick pointed out, we are in an environment where prices for Real Estate are rising rapidly.
If your reasons for waiting until fall or winter include a hope that prices will drop, that is not likely. Prices already have dropped by enormous amountsover the past few years, and now they are on the way back up because the economy in our valley has turned around. Employers are hiring and bringing in people from other areas.
We already have a severe housing shortage in the Silicon Valley and it will get worse.
I recommend that if you are ready to get a house, to go ahead and get one. I recommend that you do not wait if you are hoping for a drop in real estate prices in the near future.
Charles Butterfield MBA
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
Email Address: email@example.com