This Week Might Be the Best Time to Buy

New research from Realtor.com points toward the week of September 22 (AKA right now!) as the best time of the year to buy a home! During this week, home shoppers stand to benefit from the alignment of a number of key housing market factors, including reduced competition, more price reductions, lower listing prices, and more available inventory. Looking at it on a more local scale, the first week of fall was determined to be the single best week in which to buy in 77% of the nation's 53 major housing markets, leading Realtor.com to name it "the 'Black Friday' of homebuying"!

Looking at the national averages for some of the most important housing metrics reveals why the week of September 22 is so advantageous for savvy buyers. As always, the issue comes down to supply and demand, both of which are favorable for buyers during this week; demand is low, with 26.2% less competition vs the average week, and supply is high, with an average of 6.1% more active listings.

This combination of fewer buyers and more listings means that prices are reduced to reflect the changing market conditions. In fact, 5.8% of listings go through a price reduction during this week, resulting in an average listing price that is 2.4% below their peak week.

Why does the market pivot in favor of buyers during the first week of fall? George Ratiu, senior economist for realtor.com, attributes the changing market conditions to the start of the school year, saying, "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. 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." The lack of competition leads to a build-up of inventory in the weeks following the start of the school year, further encouraging price reductions.

What do you think? Are you convinced that now is the best time of the year to buy? If you'd like to know more, click here to see details about the study and a list of data for specific metro areas.