SEATTLE, May 4, 2017 /PRNewswire/ -- Patience pays off,
for home buyers. The best time to buy a home is late summer, when
there are the most options and frequent price cuts.
As summer approaches, overall inventory of homes for sale is
down 5.3 percent from a year ago[i], signaling another competitive
home shopping season for buyers this year. Even in markets that
have seen a recent uptick in the number of homes for sale,
inventory is still well below the levels of five years ago.
A new Zillow® analysis[ii] shows that there are more homes for
sale at the end of summer than at any other time of year, giving
buyers the greatest selection. In most major metros, August had
more for-sale listings than any other month. In Los Angeles, for example, there were about
8,000 more homes for sale in August than in April. In Seattle, the difference was about 5,000
listings.
At the same time, price cuts are more common as home sellers
start to worry about not selling their homes. Across the country,
15 percent of listings in August have had price reductions. In most
large markets, buyers are most likely to find a home with a reduced
price tag in either August or September.
The home shopping process can be stressful for buyers. On
average, buyers spend more than four months shopping for a home,
and put in at least two offers before buying, according to the 2016
Zillow Group Report on Consumer Housing Trends. Buyers who have
been unsuccessful so far may find better luck in the later months
of the summer.
"In such a competitive housing market, it's easy for buyers to
get frustrated when they are putting in multiple offers without
success," said Zillow Chief Economist Dr. Svenja Gudell. "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."
Spring traditionally kicks off the home shopping season - most
new listings hit the market during these months. April in
particular had more new listings than any other month in
2016. However, shopping in spring can be competitive, and
these homes are more likely to sell for a premium. Homes listed in
late spring sell faster and for a $1,500 premium on average, according to Zillow's
Best Time to List analysis.
Share of Active Listings with a Price Cut - 2016
Metropolitan
Area
|
March
|
April
|
May
|
June
|
July
|
August
|
September
|
October
|
United
States
|
12.6%
|
12.8%
|
12.8%
|
14.3%
|
14.4%
|
15.1%
|
14.3%
|
13.0%
|
New York/Northern New
Jersey
|
11.5%
|
12.2%
|
12.3%
|
13.2%
|
12.3%
|
11.9%
|
12.5%
|
11.2%
|
Los Angeles-Long
Beach-Anaheim, CA
|
10.8%
|
10.3%
|
10.7%
|
12.6%
|
13.2%
|
14.3%
|
13.5%
|
11.9%
|
Chicago,
IL
|
13.2%
|
15.9%
|
16.2%
|
18.6%
|
18.6%
|
19.7%
|
19.9%
|
18.2%
|
Dallas-Fort Worth,
TX
|
10.6%
|
11.2%
|
11.6%
|
13.7%
|
15.2%
|
16.4%
|
15.4%
|
14.5%
|
Philadelphia,
PA
|
17.5%
|
18.5%
|
18.1%
|
20.1%
|
19.3%
|
19.0%
|
21.0%
|
19.7%
|
Houston,
TX
|
17.1%
|
16.5%
|
14.7%
|
17.2%
|
19.1%
|
18.2%
|
18.2%
|
17.2%
|
Washington,
DC
|
13.4%
|
15.4%
|
16.3%
|
17.8%
|
17.7%
|
17.1%
|
17.2%
|
16.8%
|
Miami-Fort
Lauderdale, FL
|
14.1%
|
13.1%
|
12.1%
|
12.4%
|
11.8%
|
12.1%
|
11.8%
|
10.8%
|
Atlanta,
GA
|
11.6%
|
12.1%
|
12.0%
|
13.3%
|
14.1%
|
14.6%
|
14.0%
|
13.6%
|
Boston, MA
|
10.8%
|
11.4%
|
12.5%
|
14.3%
|
13.4%
|
14.2%
|
14.6%
|
16.4%
|
San Francisco,
CA
|
6.8%
|
7.6%
|
9.0%
|
10.3%
|
11.2%
|
12.3%
|
10.9%
|
10.1%
|
Detroit,
MI
|
14.9%
|
13.9%
|
14.8%
|
17.5%
|
18.9%
|
20.8%
|
18.9%
|
17.6%
|
Riverside,
CA
|
13.8%
|
12.5%
|
11.8%
|
13.0%
|
13.5%
|
14.6%
|
13.6%
|
12.8%
|
Phoenix,
AZ
|
21.6%
|
19.3%
|
18.7%
|
18.7%
|
18.5%
|
19.4%
|
19.3%
|
19.8%
|
Seattle,
WA
|
6.3%
|
7.0%
|
7.7%
|
9.3%
|
10.8%
|
12.1%
|
11.7%
|
9.2%
|
Minneapolis-St Paul,
MN
|
12.8%
|
13.0%
|
13.7%
|
16.4%
|
17.2%
|
18.9%
|
18.6%
|
17.3%
|
San Diego,
CA
|
12.9%
|
12.6%
|
12.6%
|
13.7%
|
14.9%
|
15.5%
|
12.7%
|
8.3%
|
St. Louis,
MO
|
14.5%
|
15.3%
|
15.3%
|
17.1%
|
16.9%
|
17.9%
|
17.3%
|
15.7%
|
Tampa, FL
|
16.3%
|
15.6%
|
14.0%
|
14.4%
|
14.1%
|
14.6%
|
15.2%
|
14.6%
|
Baltimore,
MD
|
16.1%
|
17.2%
|
17.7%
|
19.1%
|
19.6%
|
19.2%
|
19.9%
|
19.8%
|
Denver, CO
|
8.3%
|
9.3%
|
10.4%
|
13.5%
|
14.2%
|
15.3%
|
12.9%
|
9.1%
|
Pittsburgh,
PA
|
14.4%
|
15.1%
|
15.7%
|
16.5%
|
17.4%
|
17.8%
|
17.9%
|
16.3%
|
Portland,
OR
|
7.2%
|
8.2%
|
9.6%
|
11.4%
|
13.2%
|
15.3%
|
15.2%
|
13.0%
|
Charlotte,
NC
|
11.3%
|
11.5%
|
11.5%
|
12.3%
|
12.9%
|
13.5%
|
11.8%
|
9.6%
|
Sacramento,
CA
|
8.7%
|
9.9%
|
11.0%
|
12.3%
|
14.0%
|
14.6%
|
13.0%
|
8.6%
|
San Antonio,
TX
|
14.3%
|
15.2%
|
15.9%
|
16.8%
|
19.4%
|
20.0%
|
17.9%
|
16.9%
|
Orlando,
FL
|
15.9%
|
15.7%
|
13.3%
|
14.2%
|
14.8%
|
14.6%
|
15.1%
|
14.1%
|
Cincinnati,
OH
|
13.5%
|
14.8%
|
13.7%
|
16.1%
|
16.0%
|
16.7%
|
15.8%
|
13.7%
|
Cleveland,
OH
|
14.1%
|
13.6%
|
13.9%
|
15.9%
|
15.9%
|
17.5%
|
17.0%
|
16.2%
|
Kansas City,
MO
|
11.7%
|
11.9%
|
12.0%
|
14.2%
|
15.0%
|
15.9%
|
15.3%
|
14.8%
|
Las Vegas,
NV
|
13.0%
|
12.7%
|
12.1%
|
12.5%
|
13.6%
|
16.0%
|
15.3%
|
14.2%
|
Columbus,
OH
|
11.5%
|
11.3%
|
11.5%
|
12.9%
|
14.4%
|
15.3%
|
14.8%
|
12.9%
|
Indianapolis,
IN
|
13.0%
|
12.3%
|
13.1%
|
14.9%
|
16.0%
|
17.7%
|
16.9%
|
16.3%
|
San Jose,
CA
|
7.7%
|
8.5%
|
9.9%
|
12.0%
|
11.9%
|
13.9%
|
13.1%
|
12.1%
|
Austin, TX
|
12.4%
|
13.1%
|
13.7%
|
15.3%
|
17.3%
|
17.0%
|
16.8%
|
14.1%
|
For the full data, visit Zillow Research:
http://www.zillow.com/research/strategy-best-time-to-buy-15066/
Zillow
Zillow® is the leading real estate and
rental marketplace dedicated to empowering consumers with data,
inspiration and knowledge around the place they call home, and
connecting them with the best local professionals who can help. In
addition, Zillow operates an industry-leading economics and
analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of
economists and data analysts produce extensive housing data and
research covering more than 450 markets at Zillow Real Estate
Research. Zillow also sponsors the quarterly Zillow Home Price
Expectations Survey, which asks more than 100 leading economists,
real estate experts and investment and market strategists to
predict the path of the Zillow Home Value Index over the next five
years. Launched in 2006, Zillow is owned and operated by Zillow
Group (NASDAQ:Z and ZG), and headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
[i]
https://www.zillow.com/research/march-2017-market-report-14837/
[ii] This analysis analyzed listings on Zillow in 2016
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/best-time-to-buy-a-home-is-late-summer-300451264.html
SOURCE Zillow