Hamilton Herald Masthead


Front Page - Friday, October 13, 2023

When is the best time to buy a home? Now

Being a Realtor, clients and friends often ask me, “When is the best time of year to buy a home?”

Obviously, there are many factors at play, but it seems like a new study from realtor.com might have a specific answer to that question – now.

The Best Time To Buy report from realtor.com shows that, historically, early October brings the strongest balance of market conditions, with greater home listings, less buyer competition and lower prices compared to other times of the year.

Melissa Dittmann Tracey, contributing editor for Realtor Magazine, breaks down why this time is more advantageous for buyers:

“Realtor.com predicts 17% more active listings this week than at the beginning of the year. Homebuyers this fall could save more than $15,000 compared to this summer’s peak home price of $445,000, realtor.com says. Buyers also may have more time to make a decision, with homes in many markets taking a week longer to sell than during the peak buying season earlier this year. The study also notes that homes tend to have price reductions Oct. 1–7, typically falling 3.3% compared to the typical season high.”

Tracey continues: “Homebuyers likely will have more options to choose from this fall than in the summer, but they will continue to face limited inventory. The National Association of Realtors has reported ongoing housing shortages plaguing many markets. Still, realtor.com projects about 12% more active listings for this week than the average week of the year based on seasonal inventory trends.

“Homebuyers also can expect less competition. This summer, many markets saw a return to multiple-offer situations. NAR data shows that homes listed in August received an average of three offers. While there may still be more competition than pre-pandemic, buyers can expect demand to be 18.7% lower than peak buying periods in 2023 and 13.5% lower than the average week.”

Thanks for this insight, Melissa. So, what if you aren’t able to purchase a new home during this time? No need to fret because when you utilize the expertise of a Realtor, you’re sure to be in good hands with your most valuable investment.

Realtors work for their clients and communities all year-round. That’s Who We R.

Founded in 1912, Greater Chattanooga Realtors is the voice for real estate in Greater Chattanooga. A regional organization with more than 2,700 members, Greater Chattanooga Realtors serves Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. The association is one of approximately 1,100 local associations and boards of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors owns and operates a multiple listing service, which is one of approximately 600 MLSs in the country and services more than 3,000 users. Local association membership consists of Realtors servicing the Greater Chattanooga area and specializing in a variety of disciplines – appraisal, commercial, industrial, land, multifamily, property management and residential. Working alongside Realtors are our affiliate members, who represent related industries in sympathy with the objectives of the association. Our affiliate members include mortgage lenders, home inspectors, title and closing services, pest inspection and control and insurance.