Homebuying strategy
The best time of year for deals on Houston homes is coming soon
Back-to-school season turns out to be prime homebuying season in Dallas-Fort Worth and the state’s three other major metros.
A new report from real estate brokerage Redfin finds mid-September reigns as the best time for homebuyers to score a deal in Dallas, Fort Worth, and San Antonio.
The report pegs late August as Austin’s best period for nailing down a home deal, while late September is Houston’s sweet spot.
“Each homebuyer has their own timeline based on personal circumstances. But seasonality trends suggest buyers in these places looking to score a bargain may want to hit the pavement as summer comes to a close and the leaves start falling,” Asad Khan, a senior economist at Redfin, says in a release.
“Sellers who put their home in the market in the spring or early summer and haven’t offloaded it yet may be open to dropping their price or offering concessions,” Khan adds.
Redfin cautions that the best time to buy is more complicated than when a homebuyer is most likely to land a deal. Redfin economists recommend balancing choice and competition when shopping for a home.
“More inventory to choose from improves the chance of finding the home that’s right for them, and more competition creates more urgency and requires stronger offers to win a home, decreasing the likelihood that buyers will get a deal,” says Redfin.
Redfin emphasizes that most places in Texas are now buyer’s markets, equipping buyers with negotiating power. In fact, the majority of Texas markets have roughly twice as many buyers as sellers, according to Redfin.
The Redfin analysis, based on data from Home Economics, looked at three metrics for determining the best times for homebuyers to make a deal:
- The week when the number of new listings is the greatest compared with the annual average.
- The week when the number of active listings on the market for 60 days or less is the greatest compared with the annual average.
- The time when the average home price drops the most heading into late fall or winter.
