CHICAGO – Sept. 9, 2015 – Buyers who are willing to close on a home purchase during the off-peak seasons – like fall and winter – tend to have the upper hand, according to Jonathan Smoke, realtor.com’s chief economist.
But this September may be the best month of 2015 to sign a contract to purchase a home, according to Smoke’s analysis.
For one thing, supply is rising, giving homebuyers a chance to consider a higher number of for-sale homes than they’ve had in 10 months. In the third week of August, inventory stood at 1.91 million units, an increase of 21 percent since January, according to realtor.com.
“Normally, inventory peaks in August and begins to slow as the nights grow longer,” Smoke says. “But this year the typical seasonal decline will start a bit later. There will be more choices in September than any other month in 2015.”
Also, he says overall demand is down now that the school year has started, so buyers will provide less competition this month too.
“And, of course, with less competition for the most listings all year, pricing power weakens as inventory takes longer to sell,” Smoke says.
As an added incentive to homebuyers, mortgage rates remain low, at least for now. The 30-year fixed-rate mortgage ended the week under 4 percent due to recent stock market turbulence. In June, 30-year rates were averaging 4.2 percent.
Source: “Is This September the Perfect Month to Buy a Home?” realtor.com® (Sept. 1, 2015)
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Source: Florida Realtors Feed