Are you looking to buy a home? If so, we’ve got good news
While there’s no denying the housing market is having a
great year, many of the headlines are focused on the perks for sellers. But
what about buyers today? As a buyer, you’re likely braving bidding wars and
weighing low mortgage rates versus price appreciation as you search for your
dream home. If you find yourself a bit discouraged, hear this: there are clear
signs buyers may have more opportunities this fall.
According to realtor.com, the sweet spot for buyers is just
around the corner. In a recent study, experts analyzed housing market trends by
looking at data from the past several years. When applied to the current
market, experts determined the ideal week to buy a home this year. The research
“Nationally, the best time to buy in 2021 is the week of
October 3-9. This week historically has shown the best balance of market
conditions that favor buyers.”
So, what’s that mean for you? If you’re looking to buy a
home, there’s a golden window of opportunity coming. Here’s what you can expect
from that week.
Increased Housing Supply
The number of homes available for sale should increase.
According to realtor.com, you can expect to see more new listings come to
market the week of October 3. The findings estimate we’ll see roughly 17.6%
more homes available than we saw at the start of the year.
This means you’ll have more options to choose from which
should be a welcome relief in a market with tight housing supply.
Fewer Bidding Wars
With more homes available, you should also see a slight
decline in the number of bidding wars. Having more options means buyers may not
be competing as intensely for the homes on the market because there are more
choices to go around.
This means when you write an offer, you may have less
competition and a better chance of being the top bid. Just remember, it’s still
important to come in with a strong offer.
Adjusted Homes Prices
As we move into the end of the year, the findings from
realtor.com note this week may also be one of the peak weeks for price
reductions in 2021. Historically the data shows an average of 7.0% of homes
have a price reduction that week. Why? When housing supply ticks up, sellers
need to look for other ways to make their house stand out.
This means, while home prices are still appreciating
overall, you may see some homes with price adjustments from eager sellers. The
process of closing a house takes time. To close before end of year, sellers may
be more motivated this October.
If you’re in the market for a home, don’t lose steam now.
Data shows early October may give you the long-awaited opportunity to find the
home of your dreams. Let’s connect so you have a trusted ally and advisor to
help keep you motivated so you can find the perfect home for you.
Source: Real Estate with Keeping Current Matters