While there’s no denying that the housing market is having a great year, many of the news headlines are focused on the perks that sellers are experiencing. What about the perks for today’s buyers?
As a buyer, you’re likely braving bidding wars and weighing low mortgage rates as you search for your dream home. If you find yourself a little discouraged, know that there are clear signs that you will have more opportunities this fall.
Nationally, the best time to buy in 2021 is the week of October 3 to 9. Historically, this week has the best balance of market conditions that favor buyers. The number of new listings for sale should increase that week. We should see about 18% more homes available than we saw at the start of the year. With more homes available, you should also see a slight decline in the number of bidding wars. Having more options means that buyers may not be competing as intensely. However, it’s still important to come with a very strong offer.
This week is also one of the peak weeks for price reduction in 2021. Historically, an average of 7% of homes have their prices reduced during this week because when supply rises, sellers need to look for other ways to make the house stand out. While home prices are still appreciating, you may see some homes with price adjustments. The process of closing a house takes time, so to close before the end of the year, sellers may be more motivated this October.
If you’re in the market for a home, don’t lose steam yet. The data shows that early October may give you the long-awaited opportunity to find your dream home. Connect with me and the Air Assault Team, and let’s see what we can do to help you get into that dream house. Call us at 931-245-7435 or find us at www.airassaults.com. We look forward to hearing from you.