Homebuyers can expect less competition, lower prices and more housing options
The best time to buy a home has started and competition in most markets cooled down, offering more price cuts and inventory to choose from, according to new data from realtor.com
The report found that, for 41 of 53 US markets, the first week of fall (Sept. 22-28) is the best time to buy a home. During this period, buyers face 26% less competition with an additional 6.1% home supply on the market, compared to the average week of the year.
In addition, almost 6% of homes on the market are at a bargain and tend to be 2.4% cheaper than their peak, according to metro-level data realtor.com analyzed from 2016 to 2018. Eleven percent of listings in Denver reduced their prices, along with Salt Lake City (10.8%), Seattle (10.2%), Austin (9.9%), and Portland (9.9%).
"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," said George Ratiu, senior economist of realtor.com. "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.”
Seattle outdid other markets with a 41.3% decline in competition. Portland, Ore. (-35.5%); Buffalo, N.Y. (-34.6%); Milwaukee (-32.8%), and Minneapolis (-32.6%) followed.
Despite the current housing shortage, realtor.com reported that 116,000 new listings were added to the national inventory. Over 6% more listings will enter the market during the week and 76% more than the beginning of the year.
“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.
