Buyers in the current market have seen a shift in the past few months, and economists predict the market will continue to see increased interest rates and low inventory. However, buyers looking for a bit of a break should circle the week of September 25 to October 1 on their calendars; historically, this time frame has been shown to be the best week of the year to purchase property.
Based on data compiled by Realtor.com, September 25 to October 1 usually offers about 8.4% more inventory for sale and homes priced an average of about $20,000 less than normal. Hannah Jones, an economic data analyst for Realtor.com, explains,
“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.”
To come up with the findings, Realtor.com looked at home list prices, the number of homes for sale, the number of new listings to go on the market, days on the market, views of properties on Realtor.com, and price reductions in 2018, 2019, and 2021. Analysts skipped 2020 due to the pandemic disruption. The frenzy in the market began dying down a little in the spring as mortgage interest rates rose and the worst of the pandemic appeared to be over, and higher rates have served as a cap on prices, thinning out the pool of buyers and limiting just how high buyers are willing to go.
Whether you’ve been on the fence about buying or simply want some more information about the state of the current market for buyers or sellers, it’s best not to go it alone. The guidance of an experienced real estate professional to help you navigate the home buying or selling process can make all the difference between snagging your dream home or missing out, or selling your home for top dollar or your house sitting on the market. To begin your real estate journey, contact your local Surterre agent today at SurterreProperties.com.
