Have you ever wondered if there was the best time to buy a house? Well, you’re in luck! It’s late Summer— namely, late August and September.
According to data available on Realtor.com and Zillow, home buyers will find the most inventory and a greater number of price cuts during these late Summer months, giving them better odds of getting into their dream home.
It may also mean it’s easier to negotiate prices and perhaps even snag a lower price if the property stays on the market for a prolonged period.
Why Late Summer is the Sweet-spot for Home Buying
Start of the School Year
Buyers with school-aged children often have to calculate their moves around the start of the school year (typically mid-August here in the Bay Area). Buyers who were competing to get into homes, or a certain school district before the start of the school year have either already done so, or have given up until next year.
August has always been a high travel time for families, but this trend has been exacerbated by the Covid lockdowns of 2020 and 2021. More so now than ever before, we’re seeing families and would-be buyers choosing to spend their time and money on travel and memory-making than a major move.
Due to the factors above, it’s no surprise that housing inventory doesn’t have the same level of competition. Instead of houses going pending after just 7 or 14 days, data shows they’re sitting for up to a week more, on average. Looking back at 2021 data, we saw a 31% increase in inventory between April and August. So, buyers will have more to choose from.
Sellers May Feel Desperate
With more homes and fewer buyers comes opportunity! If their home has been on the market for more than 14 days on average, sellers may start to panic and become willing to make concessions. Sometimes this comes in the form of a price reduction, other times they may be willing to offer closing credits or to split costly items like redoing the sewer lateral. A good buyers’ agent will know just which levers to pull to find you the best deal in a desperate situation.
Like all things in real estate, there are no guarantees
Despite these data-driven tips, the perfect time to buy is when it’s the perfect time for you. If late Summer comes and goes, and you’re still not in the house of your dreams for a great price, don’t despair. Buying the right home takes time and research, touring, open houses, ups and downs, and close calls— and your journey can start in any month.
My best advice is to pay close attention to what happens during the late Summer season and be prepared to play in case the right opportunity comes along. Find a local lender to get pre-approved for a home loan, and secure a local and knowledgeable Realtor to help you find the hidden gems.
As a top producing agent with 20+ years of experience in the East Bay, I have helped hundreds of clients showcase and maximize the sale of their homes in the Greater San Francisco Bay Area and the counties of Alameda and Contra Costa, and my experience as a former appraiser allows me to help my clients understand the market. If you have any questions, I am here to be a resource for you.