If you were wondering when’s the perfect time to buy a house, then you’d better be ready. According to a Realtor.com report, the best week of the year to purchase a property is just around the corner, and it could bring an additional 100,000 much-needed places to choose from.
The week you definitely need to mark on your calendar is October 3-9. Realtor.com Chief Economist Danielle Hale assured that “you’ll get a better-than-average price, more options to choose from, and homes that don’t sell as fast as they did in the heat of summer.”
And this is not something that will only happen in 2021. The report was based on an analysis of the firm’s home listing data from 2018. Thus, they observed that “in a more normal year, there’s a roughly 7% increase in the number of active home listings during the first week of October, compared with a typical week.”
Therefore, if you’re looking to buy some properties, maybe this is the right week to search for an investment opportunity. On the contrary, if what you need is to sell a flipped house, perhaps you should hold on to it a bit longer, so you can get a better price for it.
Experts involved in the report pointed out that they expected to see a 700,000 rise in inventory during the first whole week of October. This solely consists of great news since the U.S. market is quite short – and overpriced! As a matter of fact, the number of listed properties was 26% lower in August than one year earlier.
Furthermore, projections show that the demand could decrease by 18% from the summer peak and be about 6% lower than an average week. Thus, prices might slip a bit from the summer high, meaning considerable savings if you’re buying – and significant losses if you’re selling.
“Our expectation in this year will be closer to normal than last year. […] This year, the pandemic is still a factor, but we’re seeing more regular seasonal trends,” explained Hale. But she remained realistic and warned: “Even though this is a better week than most to be shopping in the housing market, it’s still fairly competitive. But it’s probably a bit less competitive now than it was in the spring or the summer.”
September’s housing market
To put this report in context, at Real Estate IQ, we have a brand-new market report with information on Texas, Florida, Georgia, and Utah’s housing market. And, in general, numbers are going down. In September, the Median Sales Price was the only growing variable in Texas, Florida, Georgia, and Utah.
In a year-over-year comparison, median prices grew between 14.6 and 37.1%. Meanwhile, the Total Number of Active Listings, the Days on the Market, and the Months of Inventory showed a substantial decrease.
Although the first week of October might be an atypical time for the market statistics, as a real estate investor, you shouldn’t rely only on the market’s whims. For that reason, we work with off market properties to provide the best information available to create a second source of houses that is profitable all year long! Want to know more? Schedule a one-on-one consultation (with no strings attached)!
Disclaimer: The blog articles are intended for educational and informational purposes only. Nothing in the content is designed to be legal or financial advice.