Fall often presents a golden opportunity for homebuyers – more inventory, less competition, and potentially lower prices compared to the frenzy of summer peak season. Realtor.com’s latest analysis confirms this trend, revealing that while October generally favors buyers across most major U.S. markets, certain locations actually see even better deals popping up in November.
The study examined data from the 50 largest metropolitan areas and pinpointed specific weeks when homes are more likely to be listed at a discount compared to their peak season prices. Interestingly, this pattern isn’t consistent across the board. Some buyers might find themselves scoring a bargain by waiting just a few extra weeks into November.
Here are the metro areas where November emerges as the month for savvy homebuyers:
- Charlotte-Concord-Gastonia, North Carolina: The sweet spot for purchasing is between November 2nd and November 8th, offering an average of 18.2% more active listings than usual and a potential saving of 5.8% on median listing prices compared to the peak season.
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Louisville/Jefferson County, Kentucky: Similar to Charlotte, this market sees its advantage shift to November 2nd-8th, with 22% more homes listed than average and a significant 9.4% discount on median listing prices compared to their highest point.
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Miami-Fort Lauderdale-West Palm Beach, Florida: Buyers in this sunny region should focus on the period from November 30th to December 6th. They can expect around 8.7% more active listings than typical and a modest but still welcome 3.7% reduction in median listing prices compared to peak season.
- Phoenix-Mesa-Chandler, Arizona: Another November winner, this market offers the best opportunities between November 2nd and November 8th, boasting an impressive 18.3% surplus in active listings and a potential saving of 5.4% on median listing prices compared to their peak.
- Tampa-St. Petersburg-Clearwater, Florida: This popular Florida hub sees its most favorable window for buyers between November 30th and December 6th, with 15.3% more homes listed than usual and a potential 5% discount on median listing prices compared to the peak season.
How To Make The Most Of These Late-Autumn Deals:
Mike Gaines, senior vice president of Capital Markets at Cardinal Financial, offers valuable advice for navigating these November buying opportunities:
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Define Your “Good Deal”: Don’t get swayed solely by price tags. Factor in your long-term financial goals and ensure the mortgage terms align with those aspirations. A seemingly attractive price point might not be a good deal if it strains your budget or delays equity building.
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Get Preapproved: This crucial step provides both you and sellers with assurance about your financing capabilities. A preapproval goes beyond a simple prequalification; it verifies your financial information, boosting your credibility as a serious buyer.
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Negotiate Your Mortgage: While interest rates are generally fixed based on underwriting standards, there might be room for negotiation regarding fees, discount points, or closing cost credits. Don’t hesitate to discuss these options with your lender during the pre-approval process.
By strategically timing their home search and leveraging smart negotiating tactics, buyers can capitalize on November’s less competitive market and potentially save thousands in a historically advantageous buying season.
