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It is officially fall this week, and for homebuyers that means the best time of the year to purchase a home. According to Realtor.com's annual Best Time to Buy Report, the week of September 25 to October 1 is the best time to buy a home across the nation. The benefits of buying during this week include:
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Reduced prices: Historically, an average of 5.2% of homes have price reductions during this period. With the recent stabilization in the market, we could see more than 6% of homes reduce prices during this time period.
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More listings: Inventory levels have seen an increase year over year and year to date. Estimates show there could be 780,000 listings during the week of September 25 through October 1, 46% more than this year’s average to date.
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Less competition: Fierce home buying competition has softened as mortgage rates rise. Historically, demand (as measured by views per property on Realtor.com) during the week of September 25 through October 1 has been 26.9% lower than its July peak and 8.5% lower than the average week of the year.
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More time to decide: Homes are expected to stay on the market longer, giving buyers some breathing room to make purchase decisions. You can expect a typical home to remain on the market for two weeks more than during the peak market pace in May, and one week more than the average time spent on the market to date.
If you've been thinking of buying or selling your home, now is a good time to put your plan into action. This early-fall period will offer buyers a host of favorable factors, including more housing listings, less competition, and lower prices. For sellers, this time of the year is a great time to attract buyers as they re-enter the market after the typical slow season. If there is anything we can do to help, call The Campbell Group today!
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