Early October is the Sweet Spot for Buyers

Dated: October 1 2021

Views: 5

Early October is the Sweet Spot for Buyers

Early October is the Sweet Spot for Buyers | MyKCM

Are you looking to buy a home? If so, we’ve got good news for you.

While there’s no denying the housing market is having a great year, many of the headlines are focused on the perks for sellers. But what about buyers today? As a buyer, you’re likely braving bidding wars and weighing low mortgage rates versus price appreciation as you search for your dream home. If you find yourself a bit discouraged, hear this: there are clear signs buyers may have more opportunities this fall.

According to realtor.comthe sweet spot for buyers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years. When applied to the current market, experts determined the ideal week to buy a home this year. The research says:

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, what’s that mean for you? If you’re looking to buy a home, there’s a golden window of opportunity coming. Here’s what you can expect from that week.

Increased Housing Supply

The number of homes available for sale should increase. According to realtor.com, you can expect to see more new listings come to market the week of October 3. The findings estimate we’ll see roughly 17.6% more homes available than we saw at the start of the year.

This means you’ll have more options to choose from which should be a welcome relief in a market with tight housing supply.

Fewer Bidding Wars

With more homes available, you should also see a slight decline in the number of bidding wars. Having more options means buyers may not be competing as intensely for the homes on the market because there are more choices to go around.

This means when you write an offer, you may have less competition and a better chance of being the top bid. Just remember, it’s still important to come in with a strong offer.

Adjusted Homes Prices

As we move into the end of the year, the findings from realtor.com note this week may also be one of the peak weeks for price reductions in 2021. Historically the data shows an average of 7.0% of homes have a price reduction that week. Why? When housing supply ticks up, sellers need to look for other ways to make their house stand out.

This means, while home prices are still appreciating overall, you may see some homes with price adjustments from eager sellers. The process of closing a house takes time. To close before end of year, sellers may be more motivated this October.

Bottom Line

If you’re in the market for a home, don’t lose steam now. Data shows early October may give you the long-awaited opportunity to find the home of your dreams. Let’s connect so you have a trusted ally and advisor to help keep you motivated so you can find the perfect home for you.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Jeffrey Daniels does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Jeffrey Daniels will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Latest Blog Posts

Why Now Is a Great Time To Sell Your House

Why Now Is a Great Time To Sell Your HouseAs we near the end of the year, more homeowners are realizing the benefits of today’s sellers’ market. Record-breaking home price

Read More

Your Journey to Homeownership [INFOGRAPHIC]

Your Journey to Homeownership [INFOGRAPHIC]Some HighlightsWhen it comes to buying a home, there are a number of key milestones along the way.The process includes everything from building your

Read More

How Smart Buyers Are Approaching Rising Mortgage Rates

How Smart Buyers Are Approaching Rising Mortgage RatesLast week, the average 30-year fixed mortgage rate from Freddie Mac inched up to 3.1%, and experts project rates will

Read More

Don’t Believe Everything You Read: The Truth Many Headlines Overlook

Don’t Believe Everything You Read: The Truth Many Headlines OverlookThere are a lot of questions right now regarding the real estate market as we head into 2022. The forbearance program is

Read More