Many buyers may be able to take advantage of price breaks as this Fall’s buying season kicks in.
Week of October 9 Considered the “Sweet Spot” for Homebuying
After analyzing four years of listing data, Realtor.com suggests that the week of October 9 is the best time for buyers to buy their chosen home at a reasonable price.
Called the “sweet spot” for homebuying, the week of October 9 is a time when many house-hunting families have iced their homebuying plans so their children don’t have to change schools mid-year.
Fewer families in the homebuying market means less competition for the buyers who are. Less competition means more price breaks.
The report states, “Fortunately for buyers, some relief may be on the horizon as the season quickly approaches the best time to buy – the time of year when the balance of market conditions favor buyers the most…over every other week of the year.”
This Realtor.com report indicates that the best week to buy a house, the week of October 9, “…demand is -18% lower than the peak in July, and –6% lower than the average week…” throughout the year.”
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Many Markets Seeing Boost in New Inventory
Also in homebuyers’ favor is the fact that many markets across the country, both suburban and urban, are experiencing an uptick in new inventory.
According to this same Realtor.com report, “The typical seasonal trend expects this week (of October 9) to have +17.6% more active listings than the start of the year. If this trend holds in 2021, we can expect to see around 705,000 listings on the market in October, which is roughly +100,000 more active listings nationwide than during the peak summer season in July and +166,000 (+31% more) active listings than the average week so far this year.”
Weather Too Plays Role in Best Week to Buy
Of course, weather plays a big role in Realtor.com’s suggestions concerning the Best Week to Buy.
Summer’s warm weather typically brings out the most house-hunting buyers except in places like Arizona, Texas and in many Southern states where it’s simply too hot and/or too humid to look. (Think January and February for these markets.)
Other Factors in Other Markets When Considering Best Week to Buy
In other markets such as Boston, Denver, Detroit and Minneapolis, the Best Week to Buy begins the week of September 12. Why? Those markets tend to have an average of +27% more listings than other weeks during the year. Likewise, competition with other buyers tends to be down -32% and listing prices tend to be down -5.8% during the week of September 12 compared to other times of the year.
Of course, the Best Week to Buy isn’t a literal week…the Best Week to Buy usually extends for at least two or three weeks.
Bottom line…the Best Time to Buy is NOW somewhere in the nation…and NOW extends into several weeks on either side of “the Best Week.”
Thanks to Realtor.com and Inman.