Central Ohio Real Estate Update: September 2016
Central Ohio Housing Market Update
4 Reasons Why Now is the Best Time to Invest in Real Estate
People are always looking for great deals on everything they buy, and real estate is one area where you can literally save thousands by buying at the right time. Below are four reasons why Autumn is the best season to find great deals in real estate:
- Sellers are Motivated and Willing to Negotiate: Homes still on the market in October are often those that didn’t sell during the Spring and Summer. Many sellers may be nervous and are receptive to even the lowest offers made to them. In addition, the average homebuyer does not want to move in the winter and therefore has delayed their home search until the following year. By rule of supply and demand, less buyers means lower prices.
- Potential of Rising Interest Rates: The Federal Reserve has discussed raising interest rates for months, and there is a strong possibility the rate increases will begin after this year’s election. Higher interest rates mean you can afford less. For investors, this will impact the size or number of properties you are able to own.
- Cold Weather Exposes Home Defects: If a furnace is going to go out, it will happen in the Winter. If the home is drafty and needs new insulation, you will know when it’s cold outside. These items as well as others are more-easily detected during the Fall and Winter months and can help you decipher between a good property and a bad one.
- Ideal Time to Rent: The ideal time to rent a home is February and March, so why is now the best time to purchase? First off, it will most likely take you 2-4 weeks to find the right property. Then, since the new federal lending laws were enacted, it is taking up to 60 days for contracts to close. After closing, it will take you a few weeks to get the property in rentable condition; putting you right in the middle of prime renting season.
If you have any questions regarding real estate investment or property management, call the Alfriend Group today at (614) 395-1776.