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.com, the sweet spot for buyers is upon us. 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 as being between October 3rd and October 9th. While that window is just behind us, it’s FAR from closed!
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 as the October market shifts things in your favor.
Increased Housing Supply
The number of homes available for sale continues increase. As of the time of this writing, Lancaster County has seen 120 NEW listings hit the market with another 21 added to the MLS as “Coming Soon.” There are currently over 500 Active and Coming Soon listings in Lanc. Co. available for today’s buyer with more coming available. 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 that has struggled with tight housing supply.
Fewer Bidding Wars
With more homes available, you should also see some 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.
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.