3 Data-Driven Reasons To Buy Real Estate Now
Right now is the best time to buy! Sounds exactly like something a real estate broker would say to you as rates are inching toward 8%, right? 😁
Well, I'm putting my data where my mouth is.
1| It's Seasonal
As we head into the holidays, home sales slow and prices weaken. ATTOM, a southern California-based curator of real estate data, released its annual analysis earlier this month showing the best time of the year to buy a home. Analyzing more than 39 million single family home and condo sales over the past nine years, ATTOM found that buyers who close in October get the best deal.
A little late, Tracy.
Not to worry. The next couple of months trade at only a slightly higher premium, as shown in this table:
Nationally, the best day to buy is November 28th. We can definitely still make that deadline. 😁👀🤓
2| Freaked Out Buyers Are On The Sidelines
High prices and mortgage rates pushed a lot of buyers out of the market, and that's good for the bold risk takers in the market currently. Depending on the market – even the neighborhood – buyers with less competition are finding it easier to get some concessions from sellers, something we haven't seen in the past two years.
This is not to say the market has completely shifted to the buyers. Not in the least. Whatever you might hear in the national news about places like Boise or Austin, the market in our beach cities is still relatively competitive. There are lots of buyers and not so many sellers. The most appealing homes with reasonable prices still sell quickly with fewer concessions.
But if you have some time to make your purchase and you are reasonable in your expectations, you can get into a great home at a better price or better terms than last year while the bulk of buyers are still on the sidelines waiting for the big crash.
And speaking of a big crash, don't be like them. Because of our constrained supply, our softening prices are more like taking our collective foot off the gas, not hitting the brakes. No crash is coming, absent some unexpected cataclysmic event. Move now before the scaredy-cats come back into the market to muck it up.
3| It's Not Getting Easier To Buy
People still aren't rushing to sell their homes. Remember last year when it felt like there weren't enough homes on the market?? Look at where we are now. 😱
In fact, California is outpacing many states with its 3% drop in inventory.
No, it's not getting easier.
Parting Thoughts
So there you have it! October is the best time to buy. But maybe you know that? I've seen a significant uptick in buyer inquiries in our office. You smart people. 🤓
So if you want the early mover advantage, grab some time on my calendar and let's strategize about how to get you in a property while the getting is good. Want something less formal than a one on one meeting? Drop by our digital office hours on zoom on Thursdays and Sundays. More information can be found on our website.