Fall is a great season to purchase a new house in the US. If you are willing to buy real estate this autumn, you must have a look at certain important factors and the market scenario. The housing market in the States is presently quite strong.
As per reports from the U.S. Department of Commerce, home sales of new single-family have seen an upsurge by 12.4% from September, 645,000 units being seasonally adjusted rate.
Now, before buying a house in the US this autumn, take into consideration the following factors.
- PMI or Private Insurance Mortgage
In case the down-payment is below 20% of the actual price of the home, you need to pay the lender for a Private Insurance Mortgage. This is for the protection of lender if any default occurs. However, it would help if you always verified with the mortgage servicer whether you can remove the PMI after you have reached 20% equity or not.
- Mortgage payments
As per budget estimation, the monthly mortgage payments need to be calculated. And this further depends on the amount borrowed to buy Magnolias Waterfront Residences
, current interest rates, and the time period of paying off the loan.
- Tracking the US real estate market
The most important factor is to track the current US market scenario – especially the house prices in your area. When you have stable finance, and real estate prices have gone down, it’s a good chance to purchase a house. However, if prices are high, you must be patient before investing.
You must be aware of the property taxes that the local government charges. Being a buyer, you must ask your real estate agent to share the present annual property tax with you.
Below is how the US real estate market is presently.
The current scenario suggests purchasing a house in the fall:
According to NAR reports, the existing sales of homes in the US moved to reach their highest in May and June. Hence, autumn is expected to have a strong real estate market in the United States.
That’s because rock-bottom interest rates are drawing mortgage rates of historically low standards. This will increase the buying power of people, creating a good sense of urgency for capitalizing on low rates.
Economic aspect – US economy is experiencing growth in various economic sectors, the major one being decreased unemployment rate (by 5%). According to the U.S. Bureau of Labor Statistics, in July 2020, there were around 215,000 jobs. But in 2021, around 255,000 jobs have been added by the nation. Continued job opportunities hint at more buyers entering the housing market.
Again, there has been a considerable rise in the number of new home buyers in the US market. As the National Association of Realtors states, around 35% share was of first-time purchasers in July.
Hence, these figures and statistics state a positive indicator on purchasing a house in the US this fall. You should always be updated about the current US market status. Awaiting your insights below in the comment section.