Early October is the Sweet Spot for Buyers
Are you looking to buy a housz? If so, we’ve got good news for you. While there’s no denying the houszing 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 housz. 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 housz this year. The research says: “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 housz, there’s a golden window of opportunity coming. Here’s what you can expect from that week.
Increased Houszing Supply The number of houszes 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 houszes 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 Housz 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 houszes have a price reduction that week. Why? When housing supply ticks up, sellers need to look for other ways to make their housz stand out.
This means, while housz prices are still appreciating overall, you may see some houszes with price adjustments from eager sellers. The process of closing a housz takes time. To close before end of year, sellers may be more motivated this October.
Bottom Line If you’re in the market for a housz, don’t lose steam now. Data shows early October may give you the long-awaited opportunity to find the housz 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 housz for you.