Real estate crystal balls are in high demand amid the market change and inflation concerns, but Realtor.com has fired theirs up and has a promising proposition: The best time to buy a home is just days away…
According to the company’s annual Best Time To Buy Report, the week of Sept. 25-Oct. 1 is going to be the sweet spot for those in the market for a deal. Those who buy during this week can expect:
- More than 6 percent of homes with reduced prices
- Savings of more than $20,000, on average, relative to the summer’s peak price of $450,000
- Approximately 46 percent more homes to choose from vs. the average week to date
- Extra time to make buying decisions, with homes expected to stay on the market 15 days longer than during the summer’s peak
- Less competition, as demand during the best week to buy is historically 26.9 percent lower than the yearly peak week and 8.5 percent lower than the average week
“After several years of an overheated housing market, higher mortgage rates are helping usher in more regular seasonal trends, which have pros and cons for home shoppers,” said Danielle Hale, chief economist, realtor.com. “If you’re flexible on your timing and can budget for higher rates, early fall can be a great time to secure a home, with a number of factors aligning to make it the best time of the year both in terms of price and competition. This is especially true for first-time buyers and others who are not trying to sell a home at the same time as their purchase.”
To determine the prized week, Realtor.com analyzed six supply and demand metrics at a national and metropolitan level that follow seasonal patterns, using data from 2018-2021 (2020 data was omitted due to anomalies caused by the pandemic). The metrics analyzed include: listing prices, inventory levels, new “fresh” listings, time on market, homebuyer demand (realtor.com views per property) and price reductions.