The best time to buy a new home is the first week of fall, which in this year falls on the week of September 22. This time of the year, shoppers have less competitions, more price reductions and more properties to choose from. This is according to a data gathered last 2016-2018, it was agreed that there's a special week in September where US buyers face 26 percent less competition in getting a new and there's 6.1 percent more properties on the market to choose from, compared to any other normal week of the year. Nearly 6 percent of on the market offers discounted price than their usual price that's why this week in September is considered and tagged as "Black Friday" for homebuyers.
George Ratiu, a senior economist for realtor.com also agreed. He said that once school year started, many homebuyers pause in getting a new home and wait until the next season to search again. It is undeniable to homebuyers that the month of September is the best time to buy a property, with the discounts that they could get and less competition in the market. These effects are more undeniable in the West where buyers have at least 30 percent less competition compared to a regular week. On a market basis, Seattle leads the country, with a 41.3 percent drop in competition compared to a regular week of the year, followed by Portland, Oregon which is 35.5 percent, Buffalo NY with 34.8 percent, Milwaukee with 32.8 percent and Minneapolis with 32.6 percent.
This particular week also offers a large price reduction for homebuyers. Nationally, almost 6 percent of listed homes reduced their prices to attract buyers. This is evident in Denver with 11 percent of their listing prices were reduced. Followed by Salt lake City with a 10.8 percent, Seattle 10.2 percent, Austin Texas 9.9 percent and Portland Oregon with 9.9 percent. Additional new listings of at least 116,000 this year added to the national inventory also contributes in making this week the best time of the year to buy a home. With 6.1 percent more listings than a regular week and 76 percent more than the beginning of the year. Seattle with 41 percent more listings than a regular week of the year, followed by Portland Oregon with 30.9 percent, San Jose California with 28.6 percent, Denver 27.2 percent and Dan Francisco with 25.7 percent.