late July is a smart time to buy

5 Reasons Late July Is a Smart Time To Buy in Lee County

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As the summer heat peaks, late July is a smart time to buy in Lee County, Auburn and Opelika. Whether you’re looking for a cozy home in an established neighborhood or a spacious property in a newer one, purchasing at this time of year can offer distinct advantages that savvy buyers shouldn’t overlook.

Reduced competition.

For starters, the spring buying flurry typically slows by late July. Many families seeking to move before the school year have already settled, reducing the number of active buyers. 

This means you’ll likely face fewer bidding wars, allowing you to take your time and make thoughtful decisions. Exploring neighborhoods during this period can help you find desirable properties without the pressure of competing offers.

Try to visit open houses at your leisure and take the opportunity to engage with sellers who may be more willing to negotiate. The relaxed environment allows for thorough evaluations of potential homes.

Sellers are more motivated.

Next, homes that have lingered on the market since early summer often see price improvements by late July. Sellers become eager to close deals before fall, when the market usually slows, which can lead to better negotiations and potential price drops.

Consider making offers below the asking price, especially if the property has been listed for a while. Additionally, sellers may be more open to concessions such as covering closing costs.

Assess home efficiency in peak heat.

Moreover, with July being one of the hottest months in Alabama, it’s an ideal time to evaluate a home’s cooling systems. You can test the HVAC, assess sun exposure and inspect insulation quality in real-time.

During property visits, pay close attention to how well the home maintains a comfortable temperature.

Attractive builder incentives.

On the other hand, late summer is when builders often offer compelling incentives to clear inventory. In certain areas, potential homebuyers may find offers such as reduced closing costs or interest rate buy-downs.

Ask builders about current promotions and consider new constructions for potential cost savings and modern amenities.

Evaluate landscaping and outdoor spaces.

Finally, late July is a smart time to buy a home in our area because you can see outdoor spaces at their peak. Mature landscaping provides a clearer picture of privacy levels and the practicality of outdoor areas.

Consider how the outdoor space will suit your lifestyle. A well-maintained garden or pool can add immense value and enjoyment to your home.

Summary

To summarize, late July is a smart time to buy in Lee County, Auburn and Opelika due to reduced competition, motivated sellers, the ability to test home efficiency in the heat, attractive builder incentives and the chance to evaluate outdoor spaces. 

Are you ready to search for your next home in Auburn or the surrounding area? Connect with one of our REALTORS for expert guidance and insight. Keep reading our blogs for more real estate tips and updates.

things for home buyers and sellers to consider in 2024

5 Things for Home Buyers and Sellers to Consider in 2024

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Does 2024 include a big move for you? From first-time buyers to seasoned investors, here’s a list of five things for home buyers and sellers to consider in 2024 to better prepare them for the real estate journey ahead.

Interest and mortgage rates.

It’s always a good idea for potential home buyers and sellers to keep an eye on interest and mortgage rates. Since October 2023, mortgage rates have begun to steadily decline from 8% to 7–6%. But rates will most likely remain volatile.

Experts suggest paying attention to the Federal Reserve’s interest rate decisions for a hint at where mortgage rates are going in 2024. 

The long-term value of owning a home. 

Homeownership is one of the most reliable and quickest ways to build wealth for a variety of reasons. First of all, it stabilizes a homeowner’s housing expenses with fixed monthly payments. Second of all, as you continue to pay off your mortgage loan, you build equity in the home.

Hence, you add value to your net worth.

Think about what you need versus what you would like. 

Whether you are a first-time home buyer or you’ve done it before, figuring out your needs versus what you want helps you narrow your search. And, from there, you can begin adding on those wants. 

Industry experts have predicted that a few of those key features for 2024 include sustainability, luxury amenities and seamless outdoor-indoor living spaces. 

Calculate your budget. 

Knowing your budget is not a new idea, but it remains one of the top things for home buyers and sellers to consider in 2024. In general, designating about 25% of your net income toward a mortgage payment is a good rule of thumb. 

It’s a good idea to work with your local Realtor or mortgage lender to help calculate your budget. 

Working with an experienced local Realtor. 

Finally, when it comes to things for home buyers and sellers to consider in 2024, working with a knowledgeable local expert is key. In terms of finding the right Realtor for you, talk to a few different Realtors. Ask them questions, read their reviews and ask about their rates and fees, for example.

If you aren’t sure where to start when it comes to finding a Realtor in Lee County, our member search offers a listing of Realtors, real estate offices, affiliates and more. 

Summary

A new year goes hand-in-hand with new possibilities and opportunities, and that includes investing in real estate. Become more familiar with our local market and the opportunities ahead by connecting with us on Facebook, Instagram and LinkedIn, where we share local statistics, insights and more. For more buying and selling tips, local news and trends, continue to read our blogs.