Have you ever heard the old saying that timing is everything? If not, you haven’t been talking to me.
The results of a study came into my inbox recently. It said that, from September through November, the sale price of a median priced home decreased approximately three percent. This works out to about $8,300. Historically, these lower prices tend to continue downward through January and February. The study showed that the overall drop in prices averaged over eight percent. And the lowest period was in January. The median price is the point where half of all sales, nationally, are above that level and half are below that level. The median price is not the average price. Nationally, the median price is around $250,000. I am sure that you realize that not many homes are available in our area for $250,000 or less. So the savings in most homes in Monmouth and Ocean counties would be more.
Oh darn, my web guru says it is time for a commercial break. I’ll be back in a jiffy.
Today’s blog post is brought to you by Realtors Bunny and Art Reiman. The Reimans specialize in active adult communities in Monmouth and Ocean counties. And since they have sold hundreds of these homes, they are familiar with all of the Over 55 communities. So if you are ready to move into an active adult community, either visit their web site, www.55plusinocean.com or give them a call at 732-616-6226.
I’m back. Now, where were we? That’s it, saving by buying a home in the fall and winter. So one of the reasons the prices are reduced is that buyers have a little extra leverage this time of year. Houses tend to be on the market a little longer. In August the median age of a listing was 72 days. In September that time frame stretched out by an extra 5 days.
Do you want to hear some more good news? Mortgage rates are still low.
So if you act now, you can still obtain significant savings by purchasing a new home now. Don’t wait until spring. It may be an expensive delay.