It’s not surprising that the summer selling season tends to wane at the start of school and shift into fall. Homebuyers and sellers alike see summertime as a transitional period in which homes may be purchased and moves may be made. Families want stability for their children as school begins and prefer to get back on track with their routines as the cooler air creeps in.
Luckily for those buyers who waited out the heat wave of low inventory and rising home prices, September may be the perfect month to find the special home they seek.
Realtor Magazine sheds light on the off-peak season and what may be in store for September.
“Normally inventory peaks in August and begins to slow as the nights grow longer,” Smoke says. “But this year the typical seasonal decline will start a bit later. There will be more choices in September than any other month in 2015.”
Also, he says that overall demand is down now that the school year has started so buyers will provide less competition this month too.
“And, of course, with less competition for the most listings all year, pricing power weakens as inventory takes longer to sell,” Smoke says.
As an added incentive to home buyers, mortgage rates are remaining low, for now. The 30-year fixed-rate mortgage ended the week under 4 percent due to recent stock market turbulence. In June, 30-year rates were averaging 4.2 percent, but have since fallen.
Read the complete Realtor Magazine article about September as an ideal buying month here.