Benefits of Buying On The Outer Banks This Fall

Fall Buying on the Outer Banks

While the real estate market is dynamic and can change throughout the year, there are several compelling reasons to consider buying a home in the fall of 2024.

Cooling Market Leads to Less Competition 
As we move into the fall of 2024, many experts predict that the housing market will continue to cool down from its peak in recent years. This cooling trend can offer several advantages for buyers, including:
•    Reduced Competition: Fewer buyers in the market often leads to less competition for properties, potentially resulting in lower prices or fewer bidding wars.
•    More Negotiating Power: With less competition, buyers may have more leverage to negotiate favorable terms with sellers, such as lower prices, seller concessions, or closing cost assistance.
•    More Time to Consider Options: The slower pace of the fall market can give you more time to carefully consider different properties, negotiate favorable terms, and make a well-informed decision.

Mortgage Interest Rates Have Decreased 
Mortgage rates have dropped over the recent months and could drop further this fall depending on the policy set forth by the Federal Reserve. Purchasing this fall could allow you to take advantage of lower interest rates without increased competition.

You’ll See the Neighborhood in Action
Buying in the fall allows you to check out potential homes when neighborhoods are bustling with back to school activities.  You can see where your child’s bus stop would be, get a good feel for how many kids are in the neighborhood and you can visit the school itself, while classes are in session.

Less Sales Means More Attention for You
Moving companies aren’t as busy, so it is easier to schedule your moving date. It’s also a great time to get a lot of attention from your REALTOR® and Mortgage Loan Officer.

Take Advantage of Those Year-End Sales
If your house is a fixer upper, jack pot!  The fourth quarter can be a great time for renovations. Fall is the time to save on new floors, windows, cabinets, air conditioning, really anything that is considered off season. Companies and tradesmen want to keep their people busy and are willing to give you a price break as incentive.

Don’t fret fall house hunting! Take advantage of all that fall has to offer and get into your beautiful new home in time for the holidays.

Experts Say We’re Not in A Bubble 
The housing bubble that burst in 2008, causing crippling economic repercussions and lead to the Great Recession, was primarily driven by lenders extending credit to those who were not qualified. There is one huge difference between now and 2008 – lenders have raised their requirements for securing a mortgage. As a result, average credit scores are higher, more documentation is needed, and loans are more proportionate to the borrower’s income. If you’re waiting for a bubble to pop, it might be time to reconsider.

Looking into buying an Outer Banks home this fall?

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The information contained herein (including but not limited to any description of TowneBank Mortgage, its affiliates and its lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice. This is not a commitment to lend.