Interesting article from Fox Business based on a study by Realtor.com. I don’t always believe all the articles that come out, but this one is true in our local market. Now is a good time of year for buyers to take advantage of purchasing a home. Take a look at the article, it really does make sense and with the low mortgage rates still being around, now is a better time than ever to buy:
This week is called the ‘Black Friday’ of housing
By Ann Schmidt Published September 25, 2019 Real Estate FOX Business
If you’re looking to buy a home, now is the time, according to one report.
The week of Sept. 22, is the best week to buy a home in 41 of 53 markets in the U.S., Realtor.com said in a prepared statement.
This week, compared to the average week during the year, potential homebuyers see less competition by about 26 percent, with about 6.1% more homes on the market, according to Realtor.com.
After analyzing data from 2016 to 2018, Realtor.com found that there also tends to be a 2.4 percent price reduction on about 6% of homes on the market, which makes this the “Black Friday” for homebuyers, according to the report.
“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,” Realtor.com Senior Economist George Ratiu said in a prepared statement. “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.”
“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.
Realtor.com found that regionally, homebuyers in the West have some of the best circumstances, with a 29.6 percent decrease in competition, a 4.2 percent price reduction on homes compared to their peak weeks and about 8.6 percent of homes seeing a price reduction.
If you have been thinking about purchasing your first home, buying a larger home or down-sizing, please contact me and I can explain the process and show you how it can be done. Call me direct at 916 408-2222.