Imagine if November’s “Black Friday” deal-driven shopping frenzy lasted a week? Well, it does last a week in real estate – and it’s THIS week!
Data released by Realtor.com indicates the week of Sept. 22 is the best time to buy a home because of less competition and a spike in inventory and price reductions.
Because so many families are focused on getting settled for the new school year instead of shopping for houses, buyers in general face 26% less competition across most U.S. markets surveyed.
At the same time, inventory increases by 6 percent. And of those homes, another 6 percent will be reduced in price.
The inventory of luxury homes sees a marked increase this time of year, said Realtor.com senior economist George Ratiu.
“There [are] a lot of opportunities for luxury buyers,” he said.
Because things can happen quickly, Forbes.com contributor Stephanie Vozza advises deal-seeking buyers to:
* be alert to price reductions in their chosen area.
* get preapproved for funding
* be willing to close quickly
* make their strongest offer right away
* ask their agent for a market analysis of comparable home sales.
I would be delighted to do a complementary market analysis for you. Please contact me at Deelyn@lizmoore.com or 757-503-1999 if I can help you this week – or any week at all.