The air is beginning to have a little crispness in it. Home Sales are rising as Fall is fast replacing summer. Days are getting shorter already.
We are seeing some exciting signs:
Banners proclaim, “New Model Homes!”
Square signs announce, “Open House Sunday.”
Could it be that house hunters and mortgage shoppers are beginning to understand a secret Palm State Mortgage Company and other experts have discovered as the summer progressed?
It is a seasonal secret and here it is:
September Home Sales Rising!
Here is the power behind the secret: “Buyers who are willing to close on a home purchase during the off-peak seasons – like fall and winter – tend to have the upper-hand…” Most recently, we heard the wisdom from Jonathan Smoke, the chief economist for realtor.com.
Such is the advice that leads us to agree that September is a super month to buy a home!
Reasons Home Sales Make This a September To Remember:
Let’s look at the three basic factors behind this wonderful phenomenon:
Factor Number One: In the first place, the supply of available houses is rising. You, as a house hunter, have more homes to choose from than anyone has enjoyed for the last 10 months! This makes it more possible that the statistics will soon include you as part of the rising Home Sales statistics.
As we have recently reported, at the end of August, the homes-for-sale inventory was at 1.91 million units. That figure of home sales shows an increase from the little old 21 percent of January of this year.
Speaking of home sales, Smoke stated, “Normally inventory peaks in August and begins to slow as the nights grow longer.” Then he disagreed with himself, saying, “But this year the typical seasonal decline will start a bit later.” He added, almost gleefully, our favorite home sales quote of the year:
“There will be more choices in September than any other month in 2015.”
Factor Number Two: You do not have so much competition. It’s the Back-To-School season, so some families are just too busy to shop for a house, and they do not want to change school districts in the middle of a semester. So, Lucky You! You get the pick of the listings!
Factor Number Three: Bravo for the low mortgage rates. Although the mortgage situation remains individualized to your personal financial situation, the typical 30-year fixed-rate mortgage was under 4 percent during late August because of the unrest in the stock market. Palm State Mortgage Company specializes in finding mortgage shoppers the best possible rate for their financial situation.
Palm State Mortgage Company Sees: Homes Selling Briskly As Autumn Begins
Normal seasonal trends would show home buyer demand slowing and properties staying on the market longer. However, 2015 will be a September to Remember because we have noted that transactions which closed in July showed homes on the market for 42 days, but due to the tight inventory, we are seeing homes move faster than last year.
Proof in point: Last year the average was 48 days on the market. “In July, 43 percent of sold properties spent less than a month on the market,” according to NAR. Here’s the scoop, measured in days on the market:
- Short Sales: 135 days or more
- Foreclosed Properties: average of 49 days
- Non-distressed properties: 41 days
All of this is good news for the home mortgage shopper. Palm State Mortgage Company welcomes you to a cozy fall purchase your family will treasure: their new home. We hope you call us soon, because remember, 30 Days hath September! Although fall is cooling, get home sales while they are hot!