If you’ve just started shopping for a home or you’ve been at this for a while, the first week of fall will bring less competition, more price reductions and a larger inventory making this week the “Black Friday” of real estate, according to a new study released by realtor.com.
Of the 53 markets tracked by the real estate listing portal, 41 markets reported the week of Sept. 22-28 the best week of the year to consider buying a home. So don’t give up on your home search just yet!
"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. With dramatically less competition, persistent buyers will feel the scales tip in their favor as eager sellers begin to cut their prices in an effort to entice a sale," said George Ratiu, senior economist of realtor.com®. "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.", Ratiu added.
Over the last three years, during the week of Sept. 22-28 buyers experienced 26 percent less competition, with 6.1 percent more homes on the market than the average week, according to data compiled by realtor.com from 2016 to 2018. With nearly 6 percent of homes undergoing price reductions as well, you may find homes with a 2.4 percent cheaper price than at their peak, the study found.
1) Get pre-approved; not just pre-qualified. Having the financial aspect of buying a home squared away will give you more freedom when making an offer on a home.
2) If possible, offer an early closing date. If the home has been on the market for a while and is vacant this may appeal to the seller especially if you’re in a multiple offer situation.
3) Know when it’s a good deal by having your real estate agent provide a competitive market analysis of homes recently sold in the neighborhood. This will be helpful knowing if the home you’re considering is a good deal of still priced too high.
4) Finally, be ready to act fast! Time is of the essence when it comes to real estate that is priced to sell. Be ready to make an offer and address a counter offer if the seller is faced with a multiple offer situation. With low interest rates, go with your strongest offer first. Don’t leave time for negotiations only to have another party come in with a better offer and get the home.
Well informed homeowners choose The Fontaine Homeselling System to obtain them top dollar faster, along with a stress free experience. We know buying or selling a home can be very stressful and emotional, but when you have an experienced, top-producing agent on your side, you are more likely to have a smooth and successful home sale. Contact one of our agents today to start discussing the process of selling your home and/or finding your forever home!
Fontaine Family Team
Auburn - 207-784-3800
Scarborough - 207-289-3830
Search all Maine homes for sale here: BrendaFontaine.com