Buying a home is all about two things: location and timing. But how do you decide when it’s the right time to buy your New Orleans home? In reality, there are benefits to buying a house in every season, but this summer in particular is the perfect storm of factors in the buyer’s favor.
Take a look at our top three reasons why now is the ideal time to buy, and give us a call when you’re ready to get started!
Low Interest Rates
Right now, interest rates are the lowest they’ve been in a long time—and the housing market is heating up because of it. According to Freddie Mac, home purchase applications were up 5% last month and the 30-year fixed-rate fell seven times in the past two months. Now, it’s the lowest it’s been since November 2016 and may continue falling.
For home buyers, this great news. Back in 2008, mortgage rates hovered around 6%, but today, they’re as low as 3%!
Market Conditions are Perfect
It’s not just low interest rates that make now a great time to buy; the local market trends in New Orleans are prime, too. Currently, with prices falling and the number of houses listed increasing, New Orleans is a buyer’s market. You can expect sellers to be a little more willing to negotiate on numbers, since they aren’t getting as many offers as they were in the spring.
Plus, median home values around the city are at $183,000, but that number is expected to climb in the next year. It’s best to capitalize on it now!
It’s Great Timing
Aside from it being a buyer’s market, it’s also great timing because of the season. With kids out of school, no major holidays on the horizon, and work typically slowing down a little, summer is the perfect time to make a move. Since it is such a convenient time, you’ll find that a lot of sellers are moving on a timeline. You can use this in your favor during negotiations, and maybe even snag a better deal!
Summer is also the best time to see the full potential of the property. What’s the landscaping situation? How much natural light does the home get? Is the neighborhood active or quiet? All of these smaller details can help you get a better picture of what life in the home is really like.
Ready to Kick off Your Search?
With low interest rates and prime market conditions, you won’t find a much better time to buy your home for a great price around the Metro area. If you’re ready to get started on your real estate journey, then take some time to explore our area guides, browse our buying resources, and give us a call to talk details!