Experts predict an influx of homes to hit the market soon, and a recent Realtor.com report says these homes will be plentiful and cheaper. During the week of October 3 through 9, 100,000 homes are predicted to go on the market, making it the best week of the year for buyers. But in some higher density, larger markets, such as New York City, Los Angeles, Boston, Minneapolis, Denver, and Portland, Ore., the best week to buy is now through Sept. 18, says Realtor.com. The report findings were based off analysis of listing data for the past two years, analyzing figures such as list prices, total number of homes for sales, newly listed homes, how quick homes are selling, buyer demand, and price reductions.
An increase in residences for sale would be a welcome shift, as the housing shortage is fueling the high price growth and bidding wars. The number of properties for sale was 26% lower in August than one year earlier.
But in a more normal year, there is a roughly 7% increase in the number of active home listings during the first week of October compared with a typical week. Economists are expecting to see a similar rise in inventory hitting the market during that week this year. That could translate to about 700,000 homes going up for sale in October, giving buyers more choices.
“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 homebuying season. This year the pandemic is still a factor, but we’re seeing more regular seasonal trends.”
Even better, buyers may be facing less competition in early October. Demand is projected to die down by 18% from the summer peak and be about 6% lower than an average week.
If there are fewer buyers, prices could slip 2.6% from the summer high. That could save buyers thousands—if not tens of thousands—of dollars depending on the home and the market.