December 20, 2017
Spring might be the most popular time to buy a home, but it’s not necessarily the best.
Sponsored by The Alexander Koonce Team.
The Wilmington real estate market has been boasting a ‘Buy Now!’ flag for quite a while. And still, many of us are waiting for that perfect moment: spring.
While May might indeed be the best time to buy a house regarding school schedules, family transitions, etc., studies show that winter is actually the optimal time to move on your dream home, financially-speaking.
Because every market is different, we wanted to get the local scoop.
Alexander ‘Zander’ Koonce, of Intracoastal Realty in Wilmington, said that while winter is almost always the most financially prudent time to buy, that this winter could prove to stand out even more.
Koonce cited three of the top reasons you may want to start house-hunting now.
1 – Pay Less
Houses have been appreciating at an average of 7% over the last year. And, appreciation is expected to continue at a steady rate. Waiting five months to start looking could mean paying 3% more for your home.
2 – Take Advantage of Low Interest Rates
Interest rates are still at historic lows, but are expected to increase in the new year. Jump in while you can to enjoy the low rates before they’re gone.
3 – Plenty of Time
Starting to look around now will give you time to learn more about what you and your family really want and need in a home before rates and prices increase. You can take advantage of winter deals, and (hopefully) lower interest rates for a few more months.
Whatever your reasons for buying – escaping the rental cycle, relocating to Wilmington, or accommodating a growing family – Koonce suggests identifying and understanding your motivation before diving into the process.
What is the driving force behind wanting to buy? How long have you been considering it? Take a look at the whole picture to decide if the home you want is worth waiting for. Whether you want to have pride of ownership, relocate to the perfect neighborhood, or need more space for a growing family, now just might be the perfect time to buy.
The bottom line, says Koonce: Don’t wait to buy, unless you absolutely have to.