The frenzy of the summer real estate market has cooled, and now may be a better time than ever for your buyer clients to do their house hunting.
According to RealtyTrac and realtor.com, October is the best time to snag a deal on a house. RealtyTrac analyzed more than 32 million sales of single-family homes and condos between 2000 and 2015, finding that those who purchased in October paid 2.6 percent below the average estimated full market value for their property.
The best day for a home deal? Oct. 8, specifically, seems to offer the best deals for buyers with an average 10.8 percent discount.
If buyers need more reason to start or continue their home search this fall, here are five additional reasons to shop for a home now from Lindsay Szwed, an agent with RE/MAX Suburban in the Chicago area.
- The pressure is off. Less competition from other buyers who are pressed by deadlines, such as the start of the school year, means a stress-free pace for your clients.
- Agents have more time. Since you’re likely juggling fewer buyer clients, those who are home shopping will get more of your undivided attention.
- Better deals. Those who are selling in the fall often have personal deadlines they’d like to meet, such as relocating for a job. Sometimes, sellers are more willing to lower their asking price than they would be during the summer months.
- Fewer bidding wars. By taking advantage of the seasonal hiatus by other buyers, there’s less chance that clients will be outbid by someone else.
Source: Lindsay Szwed, www.listedwithlindsay.com.
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