With inflation on the rise, on top of the issues within the real estate market, homebuying is tough these days. There aren’t many homes for sale (still), and what’s currently on the market is selling quickly.
If your clients are looking to save some money when purchasing their next home, be sure they’re on their A-game the week of September 25 through October 1st. According to Realtor.com, that week has been declared the best week of the year nationally for homebuying. Traditionally around this time, there are about 8.4% more homes for sale, based on past data. Delightfully enough for some buyers, houses are also reported to be around $20,000 less during this time.
Realtor.com economic data analyst Hannah Jones reports,
“The best time to purchase a home is the last week of September, because that’s historically when the market is most hospitable to buyers. Typically, the early fall is when there are fewer buyers. There are also more homes on the market, and the housing market is generally calming down from the summer rush.”
Realtor.com claims they came up with these findings by looking at home list prices, the number of homes for sale, the number of new listings on the market, days on the market, and views of properties on Realtor.com.
The housing crisis is partially due to the lack of materials available and the increased costs of said materials. This has pushed prices for homes “through the roof”, metaphorically. In August, the median list price was $435,000. That’s a 14% rise from this month last year, according to data found by Realtor.com.
This spring, the market craziness began dying down a bit, as mortgage interest rates began to increase. Higher rates have served as a cap on prices, decreasing the pool of buyers and limiting just how high buyers are willing to go to purchase a new home.
“The market is rebalancing on top of these seasonal trends that we see every year because mortgage rates have grown. Increasingly, buyers are no longer able to keep up with price growth,” claims Jones.
The good news is that the market is actually becoming more buyer-friendly, even with increasing mortgage rates. The total amount of homes for sale was up 87.3% in August compared to the beginning of the year, and even more properties are predicted to go on the market in the coming weeks.
Of course, the precise week that could be the most favorable to buyers varies geographically. While the first full week of October is potentially the best nationally, the week of Sept. 11–17 is better for those in Los Angeles, Minneapolis, New York City, Chicago, and Seattle metropolitan areas among others. The following week, Sept. 18–24 is better suited to those in Austin, Dallas, Houston, Philadelphia, and Washington, DC.
Why does this data matter?
Consumers will surely hear about this homebuying information, and it’s more beneficial for them to hear it from you – ahead of time. It’s a way to put your own local spin on it to suit your clientele and make sure people are prepared. Not only that, but knowing this data is a way for you to connect with potential clients!