Fall May Be Best Time for Buyers to Move
A slower fall season in home buying may help more
lingering home buyers to jump in.
Prices are easing somewhat. For the second month in a row, the median price of an existing home dropped. It reached $253,500 in August, after reaching a record high of $263,300 in June, according to the latest data from the National Association of REALTORS®. Summer is a big time for home purchases, so that families settle in before school starts in the fall. In the fall, the types of homes that sell are smaller for people without kids. So they tend to be less expensive.
Prices are easing somewhat. For the second month in a row, the median price of an existing home dropped. It reached $253,500 in August, after reaching a record high of $263,300 in June, according to the latest data from the National Association of REALTORS®. Summer is a big time for home purchases, so that families settle in before school starts in the fall. In the fall, the types of homes that sell are smaller for people without kids. So they tend to be less expensive.
Studies have shown that fall can
be the best time to buy. Pu rchasers in October paid 2.6 percent
below the estimated market value at the time for their home.In other words, buyers interested in a $300,000 home tend to see a
$7,800 discount on it in the fall. Oct. 8 was found to have the best day for
bargains too, with an average of 10.8 percent below estimated market value.
Home sales in August started to
decline heading into the fall season. Sales of existing homes fell 1.7 percent
from July to August, but NAR mostly blamed the decrease on the limited number
of listings for sale on the market.
Properties are staying on the
market for less time, so buyers will need to be ready to act fast. Fifty-one
percent of homes sold in August were on the market for less than a month,
according to NAR. Properties typically stayed on the market for just 30 days in
August.
No comments:
Post a Comment