It’s No Real Estate Myth: Fall Is The Best Time To Buy A Home

By Jason Notte
9/22/15

NEW YORK (MainStreet) – When’s the best time to buy a house? You’re closing in on it, even if there never seems to be an ideal time.

The folks at real-estate data firm RealtyTrac analyzed more than 32 million sales of single-family homes and condos since 2000 and found that buyers have gotten the best deal, on average, in October. Of the 2.7 million sales closed in October over the last 15 years, the average sales price was 2.6% below the average estimated full market value at the time of sale. That should make it a great bet for this year, but some aren’t so sure.

“Despite the strong growth in sales since this spring, declining affordability could begin to slowly dampen demand,” says Lawrence Yun, chief economist for the National Association of Realtors.. “Realtors in some markets reported slower foot traffic in July in part because of low inventory and concerns about the continued rise in home prices without commensurate income gains.”

The median price for an existing home in July was $234,000, or 5.6% higher than it was a year earlier, while housing inventory fell 4.7% over the same span to 2.24 million. That’s a 4.8-month supply, with a six-month supply considered normal.

However, the start of the school year, the drop in temperature, the return of rain and the loss of sunlight hours all conspire to make it more difficult for homebuyers to get out and look around this time of year.....

Read Full Article Here.