Same poster who asked the question: No, the community is selling fast and suppose to deliver by April 2016. We would have to choose a lot, but everything is pre-designed. We just need to pick things from a custom design center for the interior. Everything else has been pre-determined by the builder.

Our other option is to find a pre-owned home that requires little reno work, or move in ready status. As first time buyers we are scared about the cost of renos and the cost required on top of the purchase price.

Anonymous wrote:Im the one who asked the question about buyer's market.

We are first time buyers, but not using a FHA loan. We have been shopping for a couple months but haven't found anything we really loved. We are getting married next year, but want to be settled with the house before we are married. Debating on keep looking through the next month for pre-owned homes, or building brand new ground up with an early spring delivery.

Deal with the house after the wedding. Seriously - it's too stressful and your money will be flying out the door. Pull the trigger when you find the right house and don't give yourself these artificial deadlines.

My ex-SIL demanded that they buy a house right before the wedding. She refused to wait. Low and behold, they had to put the house on the market barely 1.5 years later because their jobs changed. They didn't want to deal with the insane commute. They sold for same price but ended up losing money, as it wasn't a hot market and did not appreciate to cover closing costs and 6% in fees.

Also, LOL @ having a house built from scratch and ready for an early spring arrival. You meant spring of 2017, right?

Im the one who asked the question about buyer's market.

We are first time buyers, but not using a FHA loan. We have been shopping for a couple months but haven't found anything we really loved. We are getting married next year, but want to be settled with the house before we are married. Debating on keep looking through the next month for pre-owned homes, or building brand new ground up with an early spring delivery.

Anonymous wrote:Does the market work in favor of the buyer in the late fall-winter months?

Not completely, but buyers tend to be in a stronger position than in the busy spring/summer. Stuff still on the market into the fall means it did not sell in summer. It's leftovers.

If someone lists in the fall or winter, it usually means they need to sell ASAP (death, divorce, job loss, etc). So there's more bargaining power for buyers.

Families are not buying in the fall or winter because it means they would need to move schools. Additionally, those who are relying on selling their current home for the down payment won't be in the market (good chance they will be stuck with two mortgages until the spring). Hence, a large segment of buyers are not in the market for a new home so there's less competition for serious buyers.

If you're not extremely picky, buying in fall or winter is really a great opportunity for first time buyers or those who don't have many contingencies.

Does the market work in favor of the buyer in the late fall-winter months?

Anonymous wrote:

Anonymous wrote:Bargain hunters are out right now picking over the carcasses of summer. Wait until late February/early March. But rates will be higher by then. So it's a catch-22.

Spring will see a much smaller upswing than we've seen in the spring of the past 4 years, IMHO. A lot of people are thinking prices have relatively plateaued for the time being. If you get a strong offer, I'd take it now. No guarantees at all that you'll make more money in the spring.

I don't think it's a sure bet that rates will be up then. And certainly not by any significant amount. There are still lots of worrisome economic signs out there right now.

It will probably be up by 25 basis points. The Fed has pretty much promised it will rise. If they don't raise it, JY's credibility takes a big hit. She's been providing forward guidance for the last two years that we should expect a rise before 2016.

Agree that it would be an insignificant rise. But I think the first increase in over 8 years will have an outsized psychological effect. Markets - and especially borrowers - are not rational.

Anonymous wrote:Bargain hunters are out right now picking over the carcasses of summer. Wait until late February/early March. But rates will be higher by then. So it's a catch-22.

Spring will see a much smaller upswing than we've seen in the spring of the past 4 years, IMHO. A lot of people are thinking prices have relatively plateaued for the time being. If you get a strong offer, I'd take it now. No guarantees at all that you'll make more money in the spring.

I don't think it's a sure bet that rates will be up then. And certainly not by any significant amount. There are still lots of worrisome economic signs out there right now.

Historically there are more homes sold in March-May than any other period which means the market picks up in late January to February depending upon the weather. I held an open house this past Sunday which was very busy and ran nearly 45 minutes over as people kept coming through. If the home is priced appropriately and shows well, it will sell.

Bargain hunters are out right now picking over the carcasses of summer. Wait until late February/early March. But rates will be higher by then. So it's a catch-22.

Spring will see a much smaller upswing than we've seen in the spring of the past 4 years, IMHO. A lot of people are thinking prices have relatively plateaued for the time being. If you get a strong offer, I'd take it now. No guarantees at all that you'll make more money in the spring.

If it's priced right, you can sell anytime. The overall market should pick up again in March -- but there will be more listing then, too, and thus more competition for you.

in this area? Is it February? Things seem slow for the house we are trying to sell.