ATTENTION BUYERS- IT’S YOUR TURN
FINALLY some good news for buyers! It is no mistake, the housing market is having a tremendous year, but the headlines have only been talking about sellers and their perks. As a buyer all year, you have most likely been stuck in bidding wars, waiving home inspections, and becoming discouraged with every lost bid. LISTEN UP: it is your turn this fall to have more opportunities to get your dream home!
Realtor.com said, the sweet spot for buyers is just around the corner.
“Nationally, the best time to buy in 2021 is the week of October 3-9. This week historically has shown the best balance of market conditions that favor buyers.”
So, if you are looking to buy a home, here is your window of opportunity. Call your agent, update your pre-approval and get ready.
EXPECTATIONS FOR OCTOBER
INCREASE IN SUPPLY
There should be an increase in listings the week of October 3rd. This allows for more options for buyers to choose from. Estimated to have an increase in housing supply of 17.6% more than the start of the year.
LESS BIDDING WARS
When more supply being available, there should be a decline in the number of bidding wars as well. Having more options means that buyers won’ be competing as intensely for homes on market because there is much more inventory.
What does this mean? When your agent writes an offer, you may have LESS competition and a better chance of winning. Highest and best offer is key.
ADJUSTMENT IN LIST PRICE
Realtor.com also noted that this may be a peak time for price reductions in 2021. The data shows, historically, that on average 7% of homes will have a price reduction that week. But, WHY? When housing inventory increases, sellers need to look for other ways to have their home stand out.
What does this mean? Although home prices are still overall appreciating, you may see some homes with price adjustments from eager sellers. The closing process takes time, and in order to close by the end of 2021, sellers could show much more motivation by October.
WHAT YOU NEED TO KNOW
If you are in the market to buy a home, don’t give up now! Data shows early October may give you the long-anticipated opportunity to find the home of your dreams and win the offer! Make sure you are working with a trusted real estate agent, or team of professionals to navigate you through this important time of your life as your biggest ally.