Is September a Prime Month for Buyers?
With summer ending, the fervor of home buying is dying down, which can be a good thing for buyers. A recent article in Daily Real Estate News noted that homebuyers looking to purchase during the off-season, particularly September, could have the upper hand.
Jonathan Smoke, chief economist for realtor.com, reported that supply rises in the late summer, providing buyers with more choices. In the third week of August, national inventory was at 1.91 million units, an increase of 21 percent since January.
“Normally inventory peaks in August and begins to slow as the nights grow longer,” Smoke says. “But this year the typical seasonal decline will start a bit later. There will be more choices in September than any other month in 2015.”
Other incentives include less competition (in large part due to the start of the school year) and low mortgage rates.
One thing that I notice ( and I buy and sell dozens of homes annually) is that the month of September is less competition, lower pressure on the buy side, while pressure for those selling starts to mount depending on the sellers sense of urgency and timing.
If you're looking into buying a home anywhere in SW Ohio, Dayton to Cincinnati, this property search is active listings only, updated every few minutes. If you spot a property you like, simply click "inquire" and I'll get your request for assistance. I also help buyers connect with the right lenders and loan products and there are some amazing incentives out there for first time buyers. Even if you're not a first time buyer, many can still take advantage of different programs offered.
Not only is the month of September ( particularly this year ) a time of less competition, buyers and lenders who are able to close in 6-7 weeks still have time to prepare their home for winter and get some late fall landscaping in. Indicators speak to rising mortgage rates in 2016, so, yet one more reason to capitalize now.