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Which Week Is the “Black Friday” For Homebuying?

 

Which Week Is the "Black Friday" For Homebuying?This was the title of a Housing Wire article I read last week.

I am lifting this directly from the article: “Apparently, the best time to purchase a house is the first week of Fall.

This time of year, buyers have less competition, more price reductions and greater inventory, according to realtor.com.

Out of the 53 major markets in the U.S., 41 reported that the week of Sept. 22 through 28 is the best time to purchase a home.

During this time, homebuyers would see 26% less competition and 6.1% more homes on the market. About 6% of homes on the market would go through price reductions and become 2.4% cheaper. This is what leads that week to carry the nickname: ‘Black Friday of homebuying.'”

As kids return to school, many families pause their home searches, so there is much less competition.

According to the article, “The market where this is more likely to happen is in the West, where buyers will see about 30% less competition than the average week. Listing prices will go down 4%, and 9% of homes have reduced prices. In addition, there are 22% more active listings and will remain on the market 38% longer than its peak week.”

The other reason to buy now?

Buyers can take advantage of insanely low interest rates.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 310167