Is this autumn a good time to fall into homeownership?
Autumn is right around the corner! We often think of fall as a season of fresh starts and new beginnings, likely thanks to all those years of starting the new school year each September. With this mindset of starting new things, should you consider buying a new home this autumn? Now that interest rates are on the decline, potential buyers may be more interested in the housing market with the prospect of securing a better mortgage rate. If you’re thinking about beginning your own house hunt, here are some things to consider.
What is the fall housing market like?
The housing market changes with the seasons, and it goes through fluctuations just like everything else. Some months are booming, while others are much slower. While spring and summer are usually considered the busy season for buying homes, and winter the dead zone, autumn often falls somewhere in between. The market generally cools off along with the weather once we reach the end of the summer. Many people who wanted to purchase a home did so earlier in the year, leaving fewer buyers in the market. For you, this can be an advantage. Fewer buyers means less competition, and a higher chance of finding your perfect home. Plus, sellers might be feeling the pressure to get their home off the market before winter hits, when things really slow down. This means they may be more open to negotiations. Fall is often a nice time for buyers because while it has slowed down enough to minimize stress, there are still homes on the market.
How can you prepare to buy?
Once you decide you want to purchase a house this autumn, how do you start? There are several things you should do to help move the process along.
Assess your finances
Before you do anything else, you should evaluate your financial health. This is important for your future mortgage payments, and your current goal of saving for a down payment. Your down payment will be at least tens of thousands of dollars upfront, depending on its size. For most people, this requires a lot of preparation and discipline. Generally, larger down payments are better, because this reduces the size of your mortgage and the interest you will pay over time. You should create a detailed budget outlining all the costs of homeownership to determine where you currently stand in terms of your financial situation. Do you have the funds to support a down payment, mortgage costs, moving expenses, and ongoing maintenance costs? It’s important to take the time to save for these expenses so you aren’t overwhelmed by them later. Before you go any further, make sure you are prepared for the costs of homeownership!
Get your mortgage pre-qualification
As always, we recommend getting pre-qualified for a mortgage. This is a crucial step that gives you insight into your position in the market, and how much you may be able to afford. Your potential lender will give you an estimate of the mortgage you might qualify for. Based on that, you can narrow down your search to homes that fit your budget. You can also work towards improving your financial health if you would like to secure a larger mortgage. In any case, knowing where you stand is the best way to guide your search and feel confident about what you can afford.
Find the right real estate agent
Working with a real estate agent is essential. Your agent will help you find properties that fit your needs and meet your budget. With industry knowledge and experience, the right agent will be well-placed to help you secure the perfect home. When you are searching for your realtor, look for someone who has worked with first-time home buyers before. Ask them how they plan to help you become a homeowner, and what strategies they have for finding the right property. It’s also good to work with someone who knows the area you want to buy. This gives you an extra advantage, because you have an expert on your side who knows the ins and outs of your future neighbourhood. Do some research and ask around for recommendations! It’s important to find an agent you can trust, so take your time and look carefully at your options.
At the end of the day, buying a home this autumn can be a great decision for new homeowners. This season provides many opportunities, and the market conditions are often ideal for first-time buyers. Plus, working with a mortgage broker will make your experience even smoother! We can guide you through the process to ensure you find the lender and product that meet your needs. If you’re ready to start house hunting, be sure to reach out.
If you have any questions about your mortgage, get in touch with me!
