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MORTGAGE KNOWLEDGE CENTER

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CONVENTIONAL LOANS

Rates starting at % (APR %)¹

 

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

  1. Home
  2. Mortgage Knowledge Center
  3. Fall Real Estate Buying Tips

MORTGAGE

Fall Real Estate Buying Tips

EXPECTED READ TIME: 4 MINUTES

June 18, 2021

Have you've been thinking about purchasing a new home for a while? If so, you're probably wondering, "What is the best season to buy a house?" Although spring is known as peak season, there are disadvantages to shopping in that busy time. Today we're going to discuss the fall real estate season along with fall home buying tips. Read on to see if the autumn months are the right time for you to find your new home.  

Is fall the best season to buy a house?

There are dozens of benefits of buying a home in the fall. First of all, there's less competition. Because of that, sellers are more flexible on moving dates. Plus, if a home has been on the market for a while, sellers may be more willing to negotiate the price.

Autumn brings cooler weather and kids back in school. The overall vibe has a much slower pace. Many home buyers that aren't in a hurry avoid the sometimes frenzied spring and summer real estate market. Instead, they take a vacation and rest up for their upcoming move.

When you save your home shopping for the fall, you'll also get more attention from real estate agents. And if you have the right agent, they'll have a better chance of negotiating a good deal for you. Plus, if everything falls in place — you'll be in your new home for the holidays.

Is it cheaper to buy in the fall?

Traditionally, August and September can be the best time to buy real estate. When you're buying a house in late summer or fall, you'll still have plenty of homes to view because, in most areas, the inventory will still be high. Of course, that depends on your particular location. It also has to do with whether you're shopping in a buyer's or seller's market.

If you're holding out for a deal — September, October, and November bargains are almost as good as the ones you'd find in the colder winter months. Most sellers don't want to move during the holidays. They're motivated to sell and get into their next home.

Make sure not to ignore older listings. Sometimes a home has been on the market a long time because it fell out of escrow through no fault of the seller. One of the main reasons a home falls out of escrow is because the borrower's financing fell through. That's why it's crucial for you as a borrower to make sure you have a solid prequalification letter from a reputable lender.

Buying a Home in Fall & Housing Seasonality

If you're considering buying a home in the fall – start early in September. The earlier fall homebuying season has a lot to offer in terms of ample inventory and less competition. Many home buyers with school-aged children are already in their new homes. August and September were their target move dates. Even households without children tend to move in the summer. That takes out a lot of the competition. There is regional seasonality to consider too. Here are the US regions listed in order of fall volume by the Census Bureau. 

  • Southern states of Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia have the strongest fall selling season.
  • Western states of Montana, Wyoming, Colorado, New Mexico, Idaho, Utah, Arizona, Nevada, as well as the pacific states of Washington, Oregon, California, Alaska, and Hawaii come in second.
  • Midwest states of North Dakota, Kentucky, Wisconsin, Ohio, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, and Nebraska come in third place.
  • Northeast states of Maine, New York, New Jersey, Vermont, Massachusetts, Rhode Island, Connecticut, New Hampshire, and Pennsylvania come in fourth place.

Pre-Holiday Real Estate Market

The September and October real estate market can be busy with buyers wanting to close a deal and move before Christmas. But one thing that has made home shopping accessible during all seasons is the online real estate sites like Realtor.com, Redfin, and Trulia. Only a short time ago, viewing homes was done almost 100% in person. But now, from the comfort of your home, you can shop online and find properties that are definite contenders.

Once you've made your list of top choices, then you can start viewing. Don't be surprised if the house looks much better, newer, cleaner, and larger online. It's amazing what photography can do to enhance a photo. Starting in November and through the end of December, you'll find fewer open houses. Seller's schedules are tighter for in-person viewing. So, it's good to do as much online investigation as you can.

It's also possible to find a home in November but hold off closing until after Christmas. And if that's important to the seller, it may be a negotiating point to use to your advantage.

For more information about PenFed Mortgages:
 

PenFed Mortgage: 

800-970-7766

Get Started

SIMILAR ARTICLES

10 Things to Do If You Plan to Buy a House in 6 Months

Learn how to buy a house in six months, what the different types of mortgages are, the cost of homeownership, and more.
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Comparing Types of Mortgages

Need tips for comparing types of mortgages? Discover the answers to what different types of mortgages are available and what type of mortgage is best for you.
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Summer Home Buying Tips

Is summer the best time of year to buy a home? Are more houses for sale in summer? Get these answers and more. Read on for our top summer home buying tips.
house in summer

Spring Real Estate Market Buying Tips

Spring is the best time of the year to buy a house. Discover our spring real estate market buying tips like when the season starts and its busiest months.
house in spring
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CONVENTIONAL LOANS

Rates starting at % (APR %)¹

 

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

Home Buying Steps

  • Getting Started
  • Finding a Home
  • Getting a Mortgage
  • Home Ownership

Mortgage Topics

  • VA Loans
  • Conventional Loans
  • First Time Homebuyer
  • Home Equity
  • Homebuying 101
  • Checklists
  • Adjustable Rate Mortgages
  • PenFed Top 10
  • Refinance
  • Jumbo Loans
  • FHA
  • Videos

Mortgage Products

  • Mortgage Center
  • Refinancing
  • Home Equity

PenFed HELOC

Rates as Low as % APR* with flexible use of funds

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

Disclosures

1Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.

*Prime Rate is % as of . The APR for this Home Equity Line of Credit (HELOC) is based on prime plus a margin and can change monthly. Fixed Rate Advances will be amortized over the Fixed Rate Advance Term, with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin, and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than % for primary residences and second homes.

  • Annual Fee: Notwithstanding the foregoing, an annual fee of $99 will be assessed on each account anniversary.
  • Home equity lines of credit (HELOC) are variable rate loans and the interest rate is subject to increase after consummation of the loan on monthly basis. Closing costs range between $500 and $8,500 for credit lines of $500,000. Contact a representative for additional details.

Appraisals: PenFed will attempt to establish value via an independent method. If that method is unsuccessful, or the value is not sufficient for the amount requested, an appraisal will be required regardless of CLTV. An appraisal is always required in the following circumstances:

For all loans with a loan amount greater than $400,000.

If an appraisal is required, it must be ordered by PenFed. You will be contacted for authorization and payment prior to ordering. Appraisal fees average $550 to $850 (some run higher).

  • Closing Cost Credit: PenFed will pay most closing costs associated with a home equity line of credit (HELOC), which includes credit report, flood certification, settlement/closing, property ownership and encumbrances search, recording, property search, and quick close. Member is responsible for any city, county, and/or state taxes if the subject property is located in FL, LA, MD, MN, NY, TN, or VA. If an appraisal is required, the member, who is responsible for the fee whether or not the loan closes, will pay the cost.

Interest may be tax deductible, consult a tax advisor for further information regarding the tax deductibility of interest and charges.

Fixed Rate Advance Lock-In You may lock in an Annual Percentage Rate for Advances during the Draw Period. During your Draw Period, you may choose to have three separate Fixed Rate Advances locked in at any one time, with a maximum of two new Fixed Rate Advances per calendar year. Each Fixed Rate Advance must equal or exceed Ten Thousand Dollars ($10,000.00) and you may not request a Fixed Rate Advance that would cause the amount you owe to exceed your Credit Limit. The only term option for your Fixed Rate Advance is 240 months (“Fixed Rate Advance Term”). However, the term of your Fixed Rate Advance cannot exceed your Repayment Period.

Fixed Rate Advances will be amortized over the Fixed Rate Advance Term with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than % for primary residences and second homes and 4.75% for investment properties.

Property Insurance: Property insurance is required.

Multiple PenFed Loans: Multiple PenFed Equity loans and HELOCs are available as long as the member and collateral qualify (except Texas). For Equity loans and HELOCs the total indebtedness cannot exceed $500,000 for all PenFed Equity and HELOCs combined.

PenFed does not lend on:

  • Mobile homes
  • Co-ops or time-shares
  • Properties that are currently listed on the market for sale
  • Commercial property or property used for commercial purposes, even if a residence is part of the property
  • Undeveloped property (land only)
  • Properties with more than 4 units

Properties that are currently under major construction/renovations: Property must be fully livable, with no safety issues. (Examples: no missing rails from stairs/decks, no open walls with wires showing, missing kitchen appliances/counters, missing bath fixtures or unfinished pool).

  • Additional limitations may apply

Home Equity Line of Credit:

  • This Account has a Draw Period of 10 years, followed by a repayment period of 20 years.
  • If only minimum payments are made during the draw period, the loan balance will not decrease.
  • In Texas, the maximum CLTV available is 80% on owner occupied properties. Additional restrictions apply in Texas, so please ask a representative for details.
  • In all other states, the maximum CLTV is 85% on owner occupied properties and second homes. Additional restrictions or requirements may apply based on application characteristics.
  • Property type of Condo has a maximum CLTV of 80%.
  • The maximum CLTV available is dependent on credit qualification.
  • Rates vary depending on owner occupancy and CLTV and other loan criteria.

Minimum Loan Amount Requirements in all States:

  • For an owner occupied property or second home the minimum loan amount is $25,000 and the maximum amount is $500,000 with a CLTV of 85% or less of the fair market value.

Other terms and conditions apply; call 844-918-4307 to speak with a representative for details. All rates and offers are subject to change without notice. To receive advertised product, you must become a member of PenFed.

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This credit union is federally insured by the National Credit Union Administration. Rates are current as of September 2023 unless otherwise noted and are subject to change.

APY = Annual Percentage Yield
APR = Annual Percentage Rate


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You are leaving PenFed.org and entering a third party Website that is not a part of Pentagon Federal Credit Union.


The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. PenFed takes no responsibility for the content of the page.


IMPORTANT NOTICE

You are leaving PenFed.org and entering a third party site. PenFed Realty, LLC is wholly owned by PenFed and this referral may provide PenFed a financial or other benefit.


For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure.


IMPORTANT NOTICE

You are leaving PenFed.org and entering a third party Website.


The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. PenFed takes no responsibility for the content of the page.


IMPORTANT NOTICE

You are leaving PenFed.org and entering a third party site. PenFed Title, LLC is wholly owned by PenFed and this referral may provide PenFed a financial or other benefit.


For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure.


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