Here’s a “best of” worth noting: Nationwide, the best time to purchase a home will be the first full week of October, according to a recent Realtor.com® report.
This “best time to buy” prediction is driven largely by an expectation that inventory will increase. An additional 100,000 homes across the country could go on the market in the week of Oct. 3 through Oct. 9, experts say.
It’s possible this increase in inventory could be true for Boulder County and Denver, but Realtor.com says the best time to buy in larger metropolitan areas, like Denver, was Sept. 12 through Sept. 18.
“Buyers who think that now is the time to buy should get ready,” says Realtor.com Chief Economist Danielle Hale. “You’ll get a better-than-average price, more options to choose from, and homes that don’t sell as fast as they did in the heat of summer.”
Realtor.com analyzed home listing data back to 2018, including list prices, total number of homes for sale newly listed homes coming on the market, days on market, number of listing views and price reductions.
In most years, the number of active home listings in the first week of October is 7 percent higher than a typical week. Economists expect a similar rise in inventory will hit the market, which would mean more homes for sale in October and more to choose from for buyers.
“Our expectation is this year will be closer to normal than last year,” says Hale. “Last fall, we saw this frenzy due to a missed spring home buying season. This year the pandemic is still a factor, but we’re seeing more regular seasonal trends.”
It’s also typical for the number of buyers to decline about 6 percent compared to the average week. Fewer buyers could result in fewer bidding wars and more time to decide to make an offer.
But Realtor.com reports that the sales rate is expected to continue at a fast pace. The COVID-19 pandemic impact is still with us – the shelter at home and contagion concerns disrupted the timing of a normal market due delayed listing and buying activity, which resulted in pent-up demand.
Plus, mortgage interest rates are still near record lows while rental prices continue to rise. These factors make owning even more attractive.
If you’re in the market for a home, the best course of action is to get prepared by assessing the mortgage amount you can qualify for and selecting the right Realtor® to help you have a successful transaction – whether you are buying or selling.
For more information see realtor.com/news/trends/best-week-of-the-year-for-homebuyers.
By Tom Kalinski. Tom is the broker/owner of RE/MAX of Boulder, the local residential real estate company he established in 1977. He was inducted into Boulder County’s Business Hall of Fame in 2016 and has a 40-year background in commercial and residential real estate. For questions, e-mail Tom at [email protected], call 303.441.5620 or visit boulderco.com.