Did you know this week–the last week in September–is considered the Black Friday of Homebuying!? Studies say the week of September 22nd is the best week of the year to buy! Check out 5 reasons why below.
1. You May Find Some Motivated Sellers
A home that sat on the market all summer may incline its owners to bring down their asking price or increase their willingness to negotiate. Because spring is the best time to list a home, someone who lists their home in the fall may have a pressing reason, such as a job relocation, for putting their home on the market later in the year, giving buyers more negotiating power.
According to Market Watch, this week is the best week of the year to purchase a home. Inventory is increasing while competition is decreasing, they found that “in previous years, buyers faced an average of 26% less competition when comparing this week versus a typical week and yet there were 6% more homes on the market, according to Realtor.com’s analysis of data from 2016 to 2018″. They even call it the Black Friday of home buying!
21. You Can Get Settled in Before the Holidays
A study conducted by ERA Real Estate found that 40% of real estate agents’ clients cited the end of vacation season and a back-to-school mentality as reasons they refocused on buying or selling their home.
Twenty percent of brokers and agents also said that buyers wanting to be in a new home for the holidays was also a major reason for making a home purchase in the fall. Buying in early fall allows you to move without uprooting kids in the middle of the school year and gives you time to get settled before the holidays.
3. You Get the Opportunity to Observe Otherwise-Missed Home Maintenance Areas
Home energy efficiency is a top-list item for many homebuyers. Walking through homes during the fall can give you a better idea of how efficient a home is during the cooler months. Pay special attention to gutter drainage, general yard upkeep, drafts around windows and doors, and furnace function.
4. Fall Is the Best Time to Get Deals on Homeowner Necessities
This is a major perk for first-time homeowners who need to make other costly purchases related to owning a home. According to Consumer Reports, September through November is the best time to score deals on homeowner necessities like lawn mowers, major appliances, carpet, paint, snow blowers and shrubs, trees and perennials.
5. Competition Usually Winds Down
Low inventory coupled with low mortgage rates has made the market extremely competitive. If you missed out during the summer homebuying season, fall tends to have less buyer traffic, giving you more time to browse homes and consider them at a more leisurely pace.
Regardless of the season, you have a much greater advantage over other buyers by meeting with a loan officer and receiving a pre-approval or loan commitment (even better) prior to making an offer. Even better is our Get Committed Program, which allows you to close on your dream home in 15 days or less, guaranteed! Call us today if you would like to start this process, we will get you connected to a loan officer- 877-793-9362 . For more information about your home financing options, download our free Mortgage 101 Handbook!