Historically, Autumn has been a comparatively slower time of the year for real estate. With folks back from vacation, with school back in session, and with a series of upcoming holidays, many people opt to focus on moving into a new home at other points in the year.
However, there are multiple reasons why Autumn is a perfect time to look for your new dream home. And this is especially true for South Boston, where development and renovation are going strong!
Autumn Advantages (for home buyers):
Interest rates are at 60-year lows – under 4% for many potential buyers. Prices have been kept in check, too, because of recent years of a down economy. Now just might be your time to make that house purchase you’ve been dreaming about. Talk to your realtor about all options, including houses whose prices have just been reduced.
Mortage Pre-Approval (for home buyers):
Before you start looking for that new house, secure a pre-approval letter from a mortgage lender. You’ll have a lot of advantages with a letter in hand. It shows realtors that you’re serious about buying a home, and gives sellers confidence that a sale can go through. And there’s no need to worry about being bound to the lender who prepared the note for you. The approval simply means that the institution is ready to make you a loan, but there is no obligation on your part to use those services.
Autumn Advantages (for renters):
It’s not only university and college students who tend to get settled into their homes by Labor Day. Rental demand dips for all constituencies in the fall. And that means there are deals to be had. Check with realtors about move-in specials. Some offer one-month discounts or even a free first month; some remove the broker fee or say no last-month deposit is required; others put their preference for one-year leases aside and allow month-to-month agreements. Due to the typical dip in rental demand during this time of year, some owners and managers will be eager to get their remaining inventory rented as soon as possible.
Financial Overview (for renters):
Before you start your hunt, be sure to review your finances in detail. Check income against all expenses to see what you can afford to pay in rent each month. Remember to consider other factors as well: Is it worth it to spend a bit more to be closer to work or school, to save on the commute? Is it important to be close to public transportation? Is it important to have an extra room for a study or office from which you can, perhaps, make additional income?
List of Must-Haves:
Whether you’re looking to rent or buy, do keep your list of must-haves with you while you are out and about on the search. Pets, kids, restaurants, parks, neighborhood, neighbors – there’s plenty to consider when thinking about where to live, and you don’t want to forget to ask the necessary questions and do the required research to be in a position to make the right choice.
Blog post by the Joyce Lebedew Real Estate Team.