Best Week to Buy a Home
With kids back in school and the days getting shorter, some families may think it wise to wait for the spring or summer buying season to find a great deal on a new home.
Not so fast, says a new study from Realtor.com that found buyers will find the most favorable buying conditions during the week of September 22-28. Using nationwide home-sales data from 2016-2018, the study found nearly 6% of listings lowered their price this week, a difference of 2.4% from their highest list price.
Best Time to Buy: September 22-28
|Market||Buyer Competition vs Average Week||Listing Price vs Peak Week||Share of Homes Seeing a Price Reduction||Additional Days on Market vs Peak Week||Number of Active Listings vs Average Week|
|United States ||-26.2%||-2.4%||5.8%||+20.1%||+6.1%|
Nationwide, there will be fewer people starting their home search, which will tip the scales nicely for buyers willing to brave cooler temperatures to visit listings.
On a market-by market-basis, the study said Seattle will have an anticipated 41.3% drop in home shoppers compared to the average week, followed by Portland, Ore. (down 35.5%), Buffalo, N.Y. (down 34.6%), Milwaukee (down 32.8%), and Minneapolis (down 32.6%).
More Homes on Market
There will also be more inventory coming onto the market this month, allowing home shoppers to comparison-shop several properties in their price range.
The report forecasted 116,000 new listings will be added to the national inventory during the first week of fall, which traditionally has 6.1% more listings than the average week and 76% more than the start of the year.
Seattle will lead the nation with 41% more listings than the average week, followed by Portland, Ore. (up 30.9%), San Jose, Calif. (up 28.6%), Denver (up 27.2%), and San Francisco (up 25.7%), said the report.
This Could Be a Great Time to Shop
These factors combined could make this the best week of the year to score a deal on your new home.
“As we head further into the fall, buyers will have an advantage with more inventory coming to the market, less competition, and today’s low interest rates,” said Sam Khater, Freddie Mac chief economist.
To learn more about the homebuying process, visit MyHome® by Freddie Mac.
Posted on freddiemac.com on 9/25/19.