If you are a wannabe homeowner get ready. The best week to buy a home is the week between October 3-9th according to a new analysis from Realtor.com…(Realtor.com)
So why the first week of October? I’m glad you asked. There are actually multiple answers to this very simple question…
- More listings. Historically, inventory peaks during fall. In fact, this analysis finds that “the typical seasonal trend expects this week to have 17.6% more active listings than the start of the year.”
- Less competition. Buyers usually peak in the summer and then fall off as school begins. The analysis finds that “demand is 18% lower than the peak in July, and 6% lower than the average week.”
- Home prices. No category is higher on buyer minds right now. The analysis found that “at a national level, prices could dip 2.6% compared to the typical season high…And in several of the largest housing markets around the country, home prices during the best week can dip over 10% lower than their peak price earlier in the year.”
I know what you are thinking. 2021 is anything but a typical year so its unlikely these anomalies will exist with these current market conditions. Au contraire. While 2021 did start off red hot, things have calmed down significantly. In fact, Realtor.com’s analysis found that “the rest of the year is looking much more like a pre-pandemic seasonal pattern.”