Year in and year out, spring and summer are the busiest home buying seasons. And each year, home buying activity starts to slow down in August and September. Many people time household moves during summer vacations and want to be settled into their new homes when school starts again for their children. That’s exactly why late summer/early fall can be a great time to shop for a home.
Research shows that historically, due to the seasonal slowdown in demand, the supply of available properties tends to start to increase in late summer. Real estate website Zillow.com has found that in housing markets nationwide, listings tend to climb in August and the highest share of listings with at least one price reduction most often occur in August and September.
In addition, the inventory of homes available for sale typically peaks in August, declining into fall and through winter and not increasing again until the spring home buying season begins again.
It’s also important to keep in mind that although mortgage rates are up from record lows, they remain low by historical standards. Low mortgage rates stretch your home buying dollars. Thinking about buying a home? Start your home buying journey with us.