Every year, Black Friday is a highly anticipated event for eager shoppers. Some prepare for weeks. They craft and refine a strategic shopping agenda, determine exactly when to arrive at each store, and create a wish list of discounted must-have items to purchase.
But what about buying a home? Is there a Black Friday for the home-buying process? It turns out, there is. According to a new study from realtor.com, the week of September 22 is the best time of year to buy a home, making it Black Friday for homebuyers.
After evaluating housing data in 53 metros from 2016 to 2018, realtor.com determined that the first week of fall is when buyers “tend to find less competition, more inventory, and the biggest reductions on list price.”
The report explains,
“During the first week of fall, buyers tend to face 26% less competition from other buyers, and they are likely to see 6.1% more homes available on the market compared to other weeks of the year…nearly 6% of homes on the market will also see price reductions, averaging 2.4% less than their peak.”
What’s so different about the first week of fall?
George Ratiu, Senior Economist with realtor.com says,
“As summer winds down and kids return to school, many families hit pause on their home search and wait until the next season to start again…as seasonal inventory builds up and restores itself to more buyer-friendly levels, fall buyers will be in a better position to take advantage of today’s low mortgage rates and increased purchasing power.”
Learn more about how prices, listings and buyer competition stack up during the first week of fall in metro areas across the United States.
If you want to take advantage of the Black Friday of home buying here in the Reno-Tahoe-Carson region, reach out to any of our agents to discuss the benefits of making your move this fall.
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Looking for a different fireside fall experience? Browse Reno-Tahoe-Carson homes for sale.