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.
Ready to get out there and see what’s available? Contact our team today! We’re excited to help you get started!