When it comes to real estate, spring is hot. And just as an ice cream cone will slip from your grip if you don’t act fast, so will your perfect home.
There are a number of reasons for this seasonal occurrence, including the warmer weather, summer’s approaching break, and the mental shift that happens during the spring. However, there is more to this reliable trend than just this, and in today’s blog, we at Villas at Royal Oaks would like to discuss some of the advantages of buying a new home in the spring.
If you are looking for Fulton, Texas real estate, look no further than our bay-front gated community. Our luxury developments are located just across the Aransas Bay, and each villa is located in close proximity to all the joys of coastal living—award winning beaches, a private pier, golf, fishing, restaurants, and more. Learn more about our community and check out our 1303 Villas Drive property or our 1401 Royal Oaks Trail property.
Below are some of the advantages of buying a home in spring.
In the real estate world, the spring selling season actually starts at the beginning of the year. All of the home buyers and sellers have been waiting for the holidays to pass so that they can make their big move. Given this, it is no surprise that, like clockwork, when April rolls around real estate listings multiply. Of course, with this spike in interest, there is naturally more competition. To get the home of your dreams and to avoid any bidding wars, it is crucial to take advantage of the boost in inventory, commit to getting ahead of the spring rush, and buy your new home in early spring.
Prices Are On The Rise
While this is more than just a spring trend, it does seem that overall home prices are on the rise. According to CoreLogic’s most recent Home Price Index, home prices have appreciated by 6.6% over the last year. And what’s more is that this same report estimates that over the next 12 months prices will continue to rise at an approximate rate of 4.3%. Similar estimates are echoed by other sources, giving us good reason to believe that home prices are set to soar in 2018. This is also to say if you are wanting to buy a new home, waiting longer makes little sense—now is the time.
Mortgage Interest Rates Are Expected To Increase
In 2017, the interest rates for a 30-year mortgage stayed around 4.0%. Leading institutions like the Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors all seem to be in agreeance that mortgage rates will increase within a years time. Projections estimate that the rate could increase a whole percentage point by this time next year. If a mortgage is necessary to buy your home, this means that your monthly mortgage payment will only increase in the future.
Spring Is The Time To Move
Whether you are moving from the cold Northeast or from Texas, spring is an ideal time to buy. Not only is the weather warm and sunny, but it’s also the perfect time if you have a family and kids in school. If you buy in the spring, you can move in the summer, and during the summer you won’t have to balance packing up the house with picking up kids from school, graduation, and other commitments. The other benefit of moving into a new home in the summer is that, if you have a family, everyone will be settled into the new home before the school year begins. However, to execute this plan, it is important to start in the spring. With a standard transaction taking anywhere from 60 to 90 days, now is the time to start looking for homes for sale.
As you can see, spring is a great time to start the homebuying process. If you are looking for Fulton, Texas Real Estate, look no further than Villas at Royal Oaks. Our bay-front homes can make the perfect vacation home or long-term home for those looking to embrace full-time coastal living.