Homebuyers have had it rough over the past year, particularly in early 2021. With the prevailing market conditions favoring sellers, like low inventory and bidding wars, many are feeling discouraged about the home buying process. If you are one of those buyers, don’t give up on the search for your dream home just yet. According to recent research by realtor.com that was highlighted in a Keeping Current Matters blog post this week, buyers may have more opportunities in the weeks ahead.
In their research, they looked at housing market data from the past few years. They then applied what they learned to the current market. To sum it up:
“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.”
No promises here, but we are definitely seeing market conditions change in our area, including several of the factors highlighted in the post:
Increased Housing Supply – We’ve seen more for-sale listings coming on the market over the past few weeks.
Fewer Bidding Wars – With more for-sale listings, there are more options for the home buyers currently house hunting to choose from; helping to avoid larger than life offers just to be in the running for a home.
Adjusted Home Prices – With more inventory, or options for buyers to choose from, sellers will consider price reductions in order to compete for buyers’ attention.
This fall could be the perfect time to make the move to owning a home. While you research market conditions and listings, you’ll also want to consider what waiting a year might look like. Keeping Current Matters offers more insight on this topic as well, in their post “Two Reasons Why Waiting a Year To Buy Could Cost You.” This post looks at projections for continued home price appreciation and higher mortgage rates.
With all this data in mind, continue your home search; and definitely sit down with local professionals who can guide you through the process – i.e. a mortgage lender and real estate agent are great resources for home buyers as they navigate the current and future market in our area!