4 minute read
REAL ESTATE
by styletome
Best time to buy a house might be now!
By Swapna Venugopal Ramaswamy
In October, most markets across the country will have more homes for sale, lower prices and less buyer competition, according to Realtor.com data.
If you’re in the market to buy a home, the four five weeks might be a perfect time, according to a new report from Realtor.com.
After a year marked by low inventory and high prices, most markets across the country will have more homes for sale, lower prices and less buyer competition compared with the average week of the year, the data shows.
The metrics used in the report to calculate the best time to buy a home included listing prices, inventory levels, new listings, time on market, homebuyer demand and price reductions.
“You’re not necessarily going to get the lowest price, but you’ll get a lower-thanpeak price and you’re not going to see as much competition from other buyers,” says Danielle Hale, chief economist for Realtor.com.
In markets such as Arizona and Florida, the optimal buying season tends to be in the early part of the year.
“Most of those markets where we see a January or February best time to buy are retirement communities, a lot of older buyers who aren’t as tied to the school calendar as a lot of family, and the weather is good year-round in most of those markets,” Hale says.
But in metro areas where families are getting back into school routines, there are fewer buyers in the market, which creates a great opportunity, especially for firsttime homebuyers, to make a purchase with somewhat less competition, Hale says.
Although the year began with extreme inventory shortages, the market began to consistently see more listings this summer. It added 100,000 or more new listings in 15 of the past 17 weeks.
“If you look at the listings data, they didn’t ramp up as much as they normally would in the spring,” Hale says. “Buyers on the other hand were out in full force early in the year. Therefore, the early part of the year was more competitive than we typically see.”
If 2021 follows the typical seasonal pattern, there should be around 705,000 listings on the market in October nationwide, which is roughly 100,000 more active listings than during the peak summer season in July, according to the report.
During the week of Oct. 3, prices could dip 2.6% compared with a typical season high. On a median listing price of $385,000, buyers could save about $10,000. And in the largest housing markets, prices could dip more than 10% from their peak.
The best week to buy is also a peak period for price reductions, with an average of 7% of homes dropping their price. Based on inventory estimates, that could mean roughly 50,000 homes nationally will see reductions.
Jean DeVeney & Edson de Freitas
New Day Real Estate Group | Kylin Realty
Jean and Edson felt that "NEW DAY" was an appropriate name for their real estate vision for the future, now that the world is working toward a post pandemic world. This vision combines Jean's almost thirty years of local real estate experience with Edson's command of technology and marketing. In addition, two realtors are better able to focus on the Buyers/Sellers's needs and offer almost 24/7 accessibility. Edson and Jean's NEW DAY approach to the future of the real estate market is to offer full service, a true concierge approach for the client's needs. Both realtors have extensive networks in all related areas; including investments, financing, appraising, stagings, repairs and title/closing services. Edson has additional expertise in international immigration and relocations, rentals and property management.
Jean honed her skills as a General Manager of a residential and commercial builder/development firm in Houston, before coming to Orlando in 1985. She worked as a Construction/Client Coordinator for Design Homes of Winter Park with multiple projects in Isleworth, Winter Park, Windermere and Dr. Phillips. After coming to Orlando, she earned her real estate license and jointed Re/Max SW concentrating on residential sales and investments.
Edson was born in Brazil and speaks English, Portuguese and Spanish. He attended law school before moving to Orlando. He was with WRA with an extensive international client base, when Jean brought an offer to one of his listings. They realized their real estate philosophy of the client first, professionalism, transparency and availability was a perfect match and the result was NEW DAY Real Estate Group.
New Day offers an innovative new concept with their “Earn as you Learn” Mentorship Program! Featuring one on one sessions with Jean to benefit from her knowledge and experience; coupled with Edson’s knowledge of basic and advanced technology, working with investors and international clients. The program is tailored for new and returning agents, as well as those who need to find their niche and be inspired.
NEW DAY offers several levels of Buyer/Seller rebates, as well as special rebates to those who serve, protect and defend; and all the occupations that are considered "front line" during this pandemic.
Recently, they joined Kylin Realty, after being very impressed with the international clientele and dedication to service the brokerage offers. Kylin has recently expanded to a new branch office in the Dr. Phillips area and offers a variety of up to the minute marketing and technological tools for all Buyers, Sellers and Investors. Their innovation, commitment to excellence and exposure in the world market makes Kylin Realty stand out from other real estate companies.
Jean and Edson thank you for letting them be a part of your life...it is not just about the sale, it is about becoming your Real Estate Consultant for Life.
