Tuesday, October 7, 2014

Why to Buy and Sell Real Estate in Lexington, MA This Fall

Can you believe it’s already October here in Lexington, MA? With fall colors, pumpkin patches, apple orchards, haunted houses and corn mazes, there are certainly a lot of fun events and activities to enjoy this time of year.

As your Lexington real estate agent, I suggest adding the achievement of your real estate goals to your fall agenda! Whether you’re looking to buy a Lexington home, or sell your Lexington home, fall is the season to do it.

If you’re looking to buy a Lexington, MA home, here’s why to do it now:
  • Mortgage rates are still low. Mortgage rates have continued to drop throughout this year and are at yearly lows right now. However, mortgage experts all predict rates will begin increasing soon, and most experts agree that rates will be at least 1 percent higher by next year, which could add a lot to your monthly mortgage payments. Buy while rates are low! 
  • A homeowner’s net worth is 36 times greater than a renter. Whether you’re a homeowner or a renter, you’re paying a mortgage. Either it’s yours or your landlords. With yours, you are investing in your future, and when you sell your house, you will see that money again. That is why homeowners have a net worth so much higher than renters. Most of that is in home equity. Invest in your future! 
  • Home prices will go up. While home price appreciation has slowed down, economists still expect that home prices will appreciate in the next five years. Analysts predict that prices will increase somewhere between 11.2 and 27.8 percent, according to the Home Price Expectation Survey. For now, prices are mostly still undervalued. If you buy now, you can still find a Lexington, MA home for a good price. 
If you’re looking to sell your Lexington home, here’s why you should do it now:
  • Competition is low. The busy summer real estate market here in Lexington, MA has come to an end. There are typically fewer Lexington home sellers this time of year. Also, the number of underwater homes for sale is at a record low. The less competition you have, the more homebuyers you’ll have interested in your home. If you wait, you’ll have the reemerging new home market to compete with.
  • Homebuyers are eager. Like I explained above, mortgage rates are low right now, and home prices will continue to rise. These are reasons why homebuyers are still eager to buy right now.  They want to lock in a low mortgage rate before the holidays and long winter months arrive. Eager buyers and low competition means more buyer interest in your home, and more negotiating power in your hands.
  • Process will go fast. More paperwork is required from mortgage lenders this year, so the typical time it takes to close on a home sale has increased over the years. However, with less activity this time of year, it’s the ideal time for a quick sale. If you’re ready to move on with your life, grow your family or relocate for a job, now is the time to do it. Once the holiday season arrives, time periods for getting things done will slow down again.
As you can see, the fall season is the ideal time for achieving your real estate goals here in Lexington, MA! When you’re ready to act, of you’ve got questions, contact me, your Lexington real estate agent. I’d love to help you out in any way that I can!

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