Early October is the Sweet Spot for Buyers

Are you looking to buy a home in Chicago, Illinois? If so, we’ve got good news for you.

While there’s no denying the housing market is having a great year, many headlines focus on the perks for sellers. But what about buyers today? As a buyer, you’re likely braving bidding wars and weighing low mortgage rates versus price appreciation as you search for your dream home. If you find yourself a bit discouraged, hear this: there are clear signs buyers may have more opportunities this fall.

According to realtor.com, the sweet spot for buyers is just around the corner. In a recent study, experts analyzed housing market trends using data from several years. When applied to the current market, experts determined the ideal week to buy a home this year. The research says:

“Nationally, the best time to buy in 2021 is the week of October 3-9. This week historically has shown the best balance of market conditions that favor buyers.”

So, what does that mean for you? If you’re looking to buy a home, a golden window of opportunity is coming. Here’s what you can expect from that week.

Increased Housing Supply.

The number of homes available for sale should increase. According to realtor.com, you can expect to see more new listings come to market the week of October 3. The findings estimate we’ll see roughly 17.6% more homes available than we saw at the start of the year.

This means you’ll have more options to choose from which should be a welcome relief in a market with a tight housing supply.

Fewer Bidding Wars.

With more homes available, you should also see a slight decline in bidding wars. Having more options means buyers may not compete as intensely for the homes on the market because there are more choices.

This means when you write an offer, you may have less competition and a better chance of being the top bid. Just remember, it’s still important to come in with a strong offer.

Adjusted Homes Prices.

As we move into the end of the year, the findings from realtor.com note this week may also be one of the peak weeks for price reductions in 2021. Historically the data shows an average of 7.0% of homes have a price reduction that week. Why? When the housing supply ticks up, sellers must look for other ways to make their houses stand out.

This means while home prices are still appreciating overall, you may see some homes with price adjustments from eager sellers. The process of closing a house takes time. To close before the end of the year, sellers may be more motivated this October.

Bottom Line.

If you’re in the market for a home, don’t lose steam now. Data shows early October may give you the long-awaited opportunity to find the home of your dreams. Let’s connect with KM Realty Group LLC, Chicago, so you have a trusted ally and advisor to help keep you motivated so you can find the perfect home for you.