A recent report from Realtor.com tells us that this week is the week to buy a home. 41 of 53 markets in the US reported that buyers see significantly less competition and greater inventory as we turn to autumn.
Quite a few people list and buy their homes in the spring and summer months, with fall being a less popular time as most families with children want to have them settled into the school system at the beginning of the year. This leads to a big drop-off in activity.
The numbers really speak for themselves – buyers face 26% less competition across all markets while inventory increases 6% during the first week of fall, compared to the average week of the year. These effects are more notable in the West, followed by us in the Midwest at 28.5%, then the Northeast & South.
New construction in the West has resulted in an increase in higher-value homes, these are homes not necessarily attracting first time buyers, so this can be a great time to upgrade!
National inventory is up 22% with a total of 116,000 new listings – more inventory means home prices are lower and you have more choice and buying power.
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