This Monday September 2, 2019 is Labor Day which marks the end of summer BBQs, boating season, white pants, and ushers us into the school year (even though most districts started mid-August). As the US Department of Labor says, Labor Day “constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.”* Labor Day was first recognized by the government in 1885, even though it was first celebrated 3 years earlier on Tuesday September 5, 1882 by the Central Labor Union. 2019 is the 125th anniversary of Labor Day being a national holiday.
A Monday off is the chance to relax, head out of town for a long weekend, catch up on projects around the house, or hit the Labor Day sales. Big banner ads are up for Labor Day car sales, mattress sales, TVs and tech sales. Labor Day is a huge sale weekend for retailers, but what about for the housing market?
3 Reasons Why Home Buyers Should Start Looking
Here are 3 reasons why you might want to start your home buying search this Labor Day weekend:
1 – It takes time to find “The One”
If the typical buyer looks for a house for 10 weeks before they find “The One” and has a 30 day escrow, then if you start Labor Day weekend, you could be moved in before Christmas!**
It might take looking at more than a dozen houses to find something that fits your criteria. Depending on how detailed your criteria is and how quickly you are willing to write up offers, you might find yourself having trouble finding the exact home of your dreams.
2 – Mortgage Rates are low!
Mortgage interest rates are averaging 3.75 percent which is like a red tag sale for home buyers because lower interest rates mean lower monthly payments! **
We recommend talking to a lender first to see what you are pre-qualified to purchase. Having a price range in mind when you start looking at houses means that you don’t run into the dilemma of falling in love with a house and then finding out afterwards that you can’t afford it.
3 – Inventory is healthy
Sellers who listed in the summer and haven’t sold yet are motivated and inventory is still strong so you have lots of options!
Start home shopping on Labor Day and you will tour homes that don’t have holiday decorations up yet. You still have a variety of options on the market!
Home Buying and Listing in September
Everyone wants to know when the best time is to list your home so that you can net the most money. Sellers might be wondering: “Should I list in September or wait until next spring?”
If you are considering listing your home, then you should dig deep to find your motivations. Are you more concerned with selling quickly before the end of the year or are you waiting for a life event to happen?
The first week of September versus the last week of September might not make a statistical difference in what a home seller nets: what does make a difference is the real estate agent you hire and how they market your property. At KALEO Real Estate Company, we use professional photography, drone video, email blasts, open houses, flyers, social media advertising, website promotions, and more to advertise your listing. Today’s home buyers look for homes online and with our comprehensive online & digital marketing strategy your property will be in the Instagram and Facebook feeds of local buyers.