Shot of a couple standing next to a real estate sold sign at their new house
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If you’re on the fence about buying a home, you may want to decide quick. As of Monday, we’ll officially be in the best homebuying week of the year.
According to an analysis from Realtor.com, September 22-28 is the best week of the year to buy a house. It’s when “shoppers will find less competition, more price reductions and more inventory to choose from,” Realtor.com’s Nicola Bedo says.
During this week, competition is down 26% and the number of listings is up 6.1% compared to the average week.
Overall, homes tend to be 2.4% more affordable, too. Even better, about 6% of homes undergo price cuts during this time period.
The study shows that the impact is biggest in the Western part of the country. There, buyers see nearly 30% less competition and listing prices 4% below their peak.
This chart shows the regional benefits of buying a home between September 22 and 28.
Courtesy of Realtor.com
Seattle buyers, specifically, see big advantage this week, facing 41% less competition than the average week of the year. Buyers in Portland, Ore.; Buffalo, N.Y.; Milwaukee; and Minneapolis also see steep drops.
Still, the advantages aren’t limited to the West. According to Becki Danchik, an NYC broker with Warburg Realty, she once re-listed a slow-to-move property on Sept. 22 and it sold within days—more than $100,000 over asking price, too.
“There is something to be said for the sales market during this particular week,” Danchik said. “Not only is it the beginning of Fall but buyers have a more serious mindset and they are focused on making a purchase before the end of the year.”
If you’re looking to simply save cash, Detroit is the best place to buy this week. Homes are about 9.1% lower and nearly 10% see price reductions. Denver’s also a safe bet, with home prices 8% lower than average.