Based on the most recent data, it looked like home sales were set to slow a bit as the weather cooled off. Then August happened. And now it looks like home sales are ready to speed up instead.
For many people, there comes a time when they feel they are ready to buy a home of their own. However, that time may not be the same for everyone.
With inventory for existing homes consistently running well behind historical norms, homebuyers are increasingly pivoting to buying a newly built home instead.
Existing home sales have been on a bit of an upswing of late, climbing in both June and July thanks to modest increases in available inventory. That trend reversed itself in August.
Earlier this year, Fannie Mae and Freddie Mac enacted new policies that limited the number of second home and investment property mortgages each of the companies could acquire as part of a government effort to allow the companies to retain more capital. Those limits are now no more.
Considering what's been going on in the world for the last several months, there are probably quite a few people who are considering selling their homes and finding one that better suits their needs.
The best month to sell investment or vacation homes depends on where the home is located. Typically, you'd want to list your home for sale when the particular location is popular.
A recent report showed that cash-out refinances hit a 15-year high in the second quarter. That trend shows no signs of slowing down.
With prospective homebuyers finding it a little easier to find a house thanks to inventory finally rising, interest in buying a home is now at the highest level in four months.
It appears there may be an answer to the eternal question of 'When is the best time to buy a home?'. As it turns out, the answer may be right now.
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