ROCHESTER, N.Y. — The next two weeks may be the best time to buy a house this year.
Relators say the housing market is cooling off, after the pandemic caused prices to sky rocket.
“Inventory is still a little tight, although more homes will be coming on over the next month or so,” explained the regional vice president at Hunt Real Estate, Chip Murphy. “However the demand isn’t as tight.”
While the market is still strong, Murphy says we’ve reached peak pricing and construction on houses has started again.
This is good news for buyers who took a break from the search.
“With Rochester being on pace with the national average, we’re in a really good spot,” Murphy said. “If you look at the local economy, we’re not dependent on one employer and new construction is picking up too. So as far as the cooling and heating of the market, we’re in a good spot.”
With the housing market cooling off, relators expect seasonal trends to return. Making fall the best season to buy a home.
“Fall tends to be the time of year when activity slows down,” said George Ratiou, an economic research manager for Realtor.com. “Many families with small kids who are busy during the summer moving to a new school district or a new home wrap up their plans. At the same time inventory picks up.”
Ratiou says while the market is leveling, prices remains competitive and has tips for first time home buyers.
“Have a pre-approval letter from your lender, have a solid down payment and offer cash if possible,” Ratiou said.
Relators expect the housing market to stay competitive throughout next year.