To say that that the past 18+ months have been a seller’s market would be an understatement. A persistently tight inventory of homes for sale combined with increased demand from buyers looking for more space has resulted in nothing short of a frenzy. Although the housing inventory remains tight, we are seeing some signs of improvement in buying a home. In addition, more Americans are returning to multi-family housing in big cities which may also be lessening the heightened demand for single-family housing in the suburbs.
Needless to say, many home buyers have been frustrated or even exhausted by their home search in the recent past. Whether it is properties going under contract sight unseen or losing out on multiple properties due to bidding wars, it is understandable to see some buyer frustration. So what times of the year are the best for buying a home?
Timing is everything
According to a recent Realtor.com® report, the best time of this year to purchase a home will be the first full week in October. In fact, real estate experts are predicting that nationwide approximately 100,000 new listings will enter the market during the period between October 3rd – 9th, 2021. Furthermore, it is possible that many of these listings will be less expensive than they would have been during the peak summer months. As is often the case, many families look to purchase a home during the spring or early summer in order to be able to move during the summer months while their children are off from school. Now that a new school year has began, many families tend to be preoccupied with school activities and the thought of moving at this time is not desirable.
In some large metropolitan cities, the ideal time to buy a new home may be right now. While more Americans are beginning to move back into the big cities, the return has been somewhat slowed due to the spread of the COVID-19 delta variant. As a home buyer, it is always best to enter the market before the competition heats up. In a typical year, there is a roughly 7% increase in the number of active home listings during the first week of October compared with a typical week. If you are considering a home purchase, this may be an opportune time to do so. Click here to contact our expert real estate agents.
Tight home inventories will still continue to persist for the foreseeable future. In fact, the number of properties for sale was 26% lower in August 2021 as compared to the prior year. With this said, the inventory should improve slightly with time. In addition, demand is projected to die down by 18% from the summer peak and be about 6% lower than an average week. The expectations are that home prices could slip by 2.6% as compared to their summer highs should demand slow down. Although the market is expected to stabilize some, it will still be a competitive time for buyers. As always, a local and knowledgeable real estate agent will better able to guide you with optimal home buying strategies for the current market.
At Live South Florida Realty, Inc. we have assisted many clients build their real estate investment portfolios. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!