With soaring inflation, on top of problems in the real estate market, buying homes is difficult these days. There aren’t many homes for sale (still), and what’s currently on the market is selling out quickly.
If your clients are looking to save some money on their next home purchase, make sure they’re in their A game the week of September 25 through October 1. According to Realtor.com, this week has been declared the best week of the year for home buying nationwide. Traditionally at this time, there are about 8.4% more homes for sale, based on past data. Pleasant enough for some buyers, home prices have also been reported to have fallen by around $20,000 during this time.
Realtor.com economic data analyst Hannah Jones reports,
“The best time to buy a home is the last week of September, because historically it is when the market is most favorable to buyers. It is usually early fall when there are fewer buyers. There are also more homes on the market, and the housing market in general cools off from the summer rush. “.
Realtor.com claims to have come up with these findings by looking at home listing prices, number of homes for sale, number of new listings on the market, market days and property views on Realtor.com.
The housing crisis is partly due to the lack of available materials and the increased costs of these materials. This drove home prices “to the roof,” figuratively speaking. In August, the average list price was $435,000. That’s up 14% from this month last year, according to data found by Realtor.com.
This spring, the market frenzy is starting to fade a bit, as mortgage interest rates start to rise. The higher rates acted as a price cap, reducing the pool of buyers and limiting how much higher buyers wanted to go buy 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 as mortgage rates increase. The total number of homes for sale increased by 87.3% in August compared to the beginning of the year, and more properties are expected to be on the market in the coming weeks.
Of course, the exact week that might be the most favorable for buyers varies geographically. While the first full week of October is likely to be best nationwide, the week of September 11-17 is best for those who live in Los Angeles, Minneapolis, New York, Chicago, Seattle, and other areas. The following week, September 18-24 is more suitable for those in Austin, Dallas, Houston, Philadelphia, and Washington, DC.
Why is this data important?
Consumers will certainly hear about this home buying information, and it would be beneficial for them to hear it from you – early on. It’s a way to localize it to suit your customers and make sure people are ready. Not only that, but knowing this data is a way to connect with potential clients!