It’s a seller’s market out there, and for homebuyers, the struggle this spring is real: few affordable options, and price growth that just won’t quit.
Another issue’s working against them, too: timing.
According to a recent analysis by Zillow, the best time for buyers isn’t spring, but summer—the end of summer, that is. Why? There’s more supply as the season winds down, specifically in August, and sellers who weren’t so lucky earlier on become anxious to unload, cutting prices before the weather changes and the school year starts.
In the analysis, August had more listings than any other month (8,000 more in L.A., for instance), and saw the highest share of listings with lowered prices. Comparing reductions over the spring and summer months:
“In such a competitive housing market, it’s easy for buyers to get frustrated when they are putting in multiple offers without success,” says Dr. Svenja Gudell, chief economist at Zillow. “Buyers who start their home search in the spring may still be looking months later—but for those who can wait it out, the end of summer will bring more favorable conditions. Homes that may have been overpriced earlier in the year are more likely to have a price reduction, and those listings passed over in earlier months may look better with a fresh perspective.”
For more information, please visit www.zillow.com.