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Attention Bargain Hunters: The Best
Time of the Year to Buy a Home Is... NOW
By Clare Trapasso | Sep 19, 2019
RiverNorthPhotography/iStock
Buying a home may be one of the most
stressful, expensive, and frustrating things a person can do. But those who
time their purchase just right may be able to save themselves heaps of hassle.
The best time of the year to buy a home is the
week of Sept. 22, after the summer frenzy fades and kids have gone back to
school, according to a recent realtor.com® analysis. The first week of fall is
when shoppers will find less competition but still more homes for sale, and
more sellers slashing prices, than in the colder months.
The analysis covered the nation's 53 largest
real estate markets from 2016 to 2018.
There's typically 26% less competition during
the week of Sept. 22 through 28, the data show. Meanwhile, there's usually
about 6.1% more inventory, and 6% of homes see price cuts, compared to an
average week. This means that those homes cost about 2.4% less than at their
peak. Nationally, prices tend to be the highest in the summer.
“As summer winds down and kids return to
school, many families hit pause on their home search and wait until the next
season to start again," realtor.com's senior economist, George
Ratiu, said in a statement. "With dramatically less competition,
persistent buyers will feel the scales tip in their favor, as eager sellers
begin to cut their prices in an effort to entice a sale."
Buyers in the West get an extra bit of a break
this week. There's typically about 30% less competition for homes in the
nation's priciest region, which includes states like California, Washington,
Colorado, and Oregon. Plus, buyers will find prices about 4% lower than normal,
as 9% of listings have experienced price reductions. Finally, there are about
22% more homes than normal on the market in the region this week, giving buyers
a lot more to choose from.
Denver buyers who are looking for a deal
should pay particular attention this week. About 11% of listings in their
metropolitan area, which includes Denver, and the surrounding towns and smaller
cities, have undergone price cuts. That's compared to 6% of listings
nationally,
Salt Lake City wasn't far behind, with 10.8%
of price reductions; Seattle, at 10.2%; Austin, TX, at 9.9%; and Portland, OR,
at 9.9%.
Meanwhile, the Seattle market leads the pack,
with the most new listings during the fourth week of September, at 41% compared
to an average week. Portland, OR, saw the next biggest increase, at 30.9%;
followed by Silicon Valley's San Jose, at 28.6%; Denver, at 27.2%; and San
Francisco, at 25.7%.
Nationally, there are about 116,000 more homes
on the market during this week.
“As seasonal inventory builds up and restores
itself to more buyer-friendly levels, fall buyers will be in a better position
to take advantage of today’s low mortgage rates and increased purchasing
power," Ratiu said.
Clare Trapasso is the senior news editor of realtor.com and an
adjunct journalism professor at St. John's University. She previously wrote for
a Financial Times publication, the New York Daily News, and the Associated
Press. She is also a licensed real estate agent with R New York. Contact her at
clare.trapasso@realtor.com.
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