According to an article posted on realtor.com, the best time to jump into the home-buying market is the first week in October. (Gentlemen and Gentlewomen, start your engines.)
They cited 4 reasons for this determination:
- The 2021 home-buying season has aligned with pre-pandemic seasonal patterns, with a familiar sweet spot for buyers expected in the fall.
- Nationally, the best time to buy a home is the week of October 3-9.
- If historical trends hold, the best week could add 100,000 homes to the inventory over the 2021 peak so far. Buyers could save $10,000 during this week compared to the summer peak for a median priced home of $385,000
- There is local variation from market to market. In the largest metro areas, such as Los Angeles, Boston, New York City, Denver, Portland, and Minneapolis, the best week comes earlier, during the week of September 12-18.
Other anecdotal evidence appears to be bearing this out: Redfin also published information stating that pending home sales rose 9% in August, which is the slowest growth since June 2020, covering the four-week period ending Aug. 29. Redin also noted that more homesellers began to slash their prices, pointing to another sign of softening seasonal homebuyer demand.
Experts are finding a new trend emerging, with prices peaking in the summer, and new listings are coming on the market. Many feel that this coming season will be more ‘normal’ than what has been seen thus far through 2020 and into the first two quarters of 2021.
According to the Redfin report, the median home-sale price increased 15% year-over-year to $359,983; and asking prices of newly listed homes were up 10% year-over-year to a median of $354,665, which represents the lowest level since late April.
Historically, the fall selling season slows down, which is attributed to school openings. The traditional housing market, prior to COVID-19, begins in spring, only to peak and flatten out by mid-summer. This typically turns out to be favorable for buyers who are able to capitalize on new market inventory.
This is the sweet spot for buyers who can capitalize on that confluence of factors to have a wider variety of options at a more reasonable price.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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