If you are ready to begin shopping for a home, your timing couldn’t be better.
The week of Sept. 29 through Oct. 5 is the single best time of the year to buy a home in the U.S., according to a new report from Realtor.com. Buyers are likely to save more than $14,000 on a median-priced home at that time compared with purchasing a home during the summer peak.
The summer peak median price was $445,000, according to Realtor.com.
It is also anticipated that during the week of Sept. 29-Oct. 5, listings will be at least 37% higher than where they were at the beginning of the year.
Realtor.com based its findings on several key supply and demand market metrics:
- Prices
- Inventory levels
- New “fresh” listings
- Time on market
- Homebuyer demand based on Realtor.com listing views
- Price reductions
Realtor.com says that, historically, the week of Sept. 29-Oct. 5 has had the best mix of market conditions that favor buyers. Usually, prices have dropped from their summer peak, inventory is high, demand has fallen and the pace of the market has slowed to a manageable speed.
Both school schedules and weather patterns contribute to the slowdown.
Although Sept. 29-Oct. 5 is the best week to shop on a national basis, the savings numbers — and the best week to shop for a home — vary city by city.
Here are the cities where the biggest price reductions are expected. For each, the percentage of price reductions compared with the national average is followed by the week when it is best to shop for a home in each city:
- Austin-Round Rock-Georgetown, TX: 2.8%/Sept. 29-Oct. 5
- Columbus, OH: 2.4%/Oct. 6-12
- Las Vegas-Henderson-Paradise, NV: 2.3%/Oct. 6-12
- Indianapolis-Carmel-Anderson, IN: 2.3%/Oct. 6-12
- Raleigh-Cary, NC: 2.2%/Nov. 3-9
- Minneapolis-St. Paul-Bloomington, MN-WI: 2.2%/Oct. 27-Nov. 2
- Dallas-Fort Worth-Arlington, TX: 2.2%/Sept. 29-Oct. 5
- Denver-Aurora-Lakewood, CO: 2.1%/Sept. 8-14
- St. Louis, MO-IL: 2%/Sept. 29-Oct. 5
Realtor.com notes that prices could fall even further later in the fall, especially as the holidays approach. However, waiting longer could mean you will have fewer properties to choose from, as active listings tend to peak earlier in the fall.
As Realtor.com notes:
“Early buyers are likely to have the highest number of fresh homes to choose from, maximizing their potential to find just what they’re looking for, even if they pay a slight premium for buying a bit earlier.”
Before you start to shop for a new home, be sure to check out “Falling for These 8 Common Homebuying Myths Could Cost You Thousands.”
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