When chatting with buyers or sellers about the best times of year for real estate, many are surprised to learn how many closings we typically have in November. A great post on realtor.com explains why October (and early November here in Portland) is the ideal time for buyers to make their move. Here's a snippet, and you can read the whole post here!
Nationally, the best time to buy in 2023 is the week of October 1-7. This week historically has shown the best balance of market conditions that favor buyers. Inventory tends to be high, prices are below peak levels, demand is waning, and pace of the market slows to a more manageable speed.
This seasonal slowdown is partly driven by school schedules and weather patterns. Housing market activity begins in earnest in spring and peaks in summer as families hoping to move while kids are out of class look to close on a home with enough time to settle in before the back to school rush. This critical mass of families prioritizing home search decisions around school districts and the school calendar combined with warmer weather that makes home showings and inspections easier to conduct and foliage that enhance the curb appeal of many homes leads to a predictable surge in activity. Then as the year transitions to fall and more families bow out due to the school schedule, demand wanes, and prices dip to post-peak levels as leftover inventory stays on the market.
Early fall is generally the sweet spot for buyers who can capitalize on that confluence of factors to have a wider variety of options at a more reasonable price.
Reach out to me anytime to discuss your real estate goals. I'm here to help!