If you’re looking to buy a home, now is the time, according to one report.
This week, compared to the average week during the year, potential homebuyers see less competition by about 26 percent, with about 6.1% more homes on the market, according to Realtor.com.
After analyzing data from 2016 to 2018, Realtor.com found that there also tends to be a 2.4 percent price reduction on about 6% of homes on the market, which makes this the "Black Friday" for homebuyers, according to the report.
"As summer winds down and kids return to school, many families hit pause on their home search and wait until the next season to start again,” Realtor.com Senior Economist George Ratiu said in a prepared statement. “With dramatically less competition, persistent buyers will feel the scales tip in their favor as eager sellers begin to cut their prices in an effort to entice a sale.”
"As seasonal inventory builds up and restores itself to more buyer-friendly levels, fall buyers will be in a better position to take advantage of today's low mortgage rates and increased purchasing power," Ratiu said.
Realtor.com found that regionally, homebuyers in the West have some of the best circumstances, with a 29.6 percent decrease in competition, a 4.2 percent price reduction on homes compared to their peak weeks and about 8.6 percent of homes seeing a price reduction.
As for specific markets, the Seattle-Tacoma-Bellevue area in Washington sees the greatest drop in competition — by 41.3 percent — during this week, according to Realtor.com. The market with the highest percentage of homes with price reductions is the Denver-Aurora-Lakewood area in Colorado.