Homebuyers in Phoenix and two other sunny areas are about to catch a much-needed break in their search for the perfect forever home.
Nationally, the best time to buy a home was the week of September. 29 to October. 5., when savvy homebuyers could save an average of $14,000 on a home priced at $445,000.
However, as Realtor.com® Senior Economist Ralph McLaughlin notes, “buyers looking for more favorable market conditions should wait about a month longer than the nationwide average” in places like Phoenix, Tampa, FL and Raleigh, NC.
November week. 3 to November. 9 is when the seasonal dynamics of the real estate market align in favor of buyers in these three cities.
Historically, this week strikes the perfect balance of conditions, with reduced demand, a slower pace and an increase in housing inventory, making it a prime opportunity for buyers.
Why Phoenix Home Buyers Should Buy Now
November marks the best time of year to visit Phoenix, according to US News & World Report, as temperatures begin to cool and highs are typically in the upper 60s, 70s and 80s.
With Phoenix’s median list price hovering just under $520,000 in October, Arizona real estate agents say buyers need to make a move.
“The first week of November is one of the best times to buy in Phoenix,” he says Stacy Millerreal estate agent for The Miller Team at Re/Max Fine Properties in Phoenix. “The weather is wonderful. The snowbirds are back in town. People either want to get rid of their house or buy a new house before starting their holiday celebrations.”
Fortunately for shoppers, Miller says she’s never seen a market quite like this one.
“Prices, as well as vendor terms and concessions, seem to be more negotiable than ever,” she says. “Some incredible homes in great school districts are staying longer than I expected.”
But the Phoenicians are not the only ones in a prime position to buy next week. Buyers looking to reside in Tampa and Raleigh are as well.
What do these cities have in common?
Phoenix, Tampa and Raleigh have warm climates – with Tampa and Phoenix getting especially steamy in the summer.
These thriving metros have all experienced significant population growth over the past few years – making them vibrant and diverse cities to live in.
Let’s look at each of these three cities, where next week is the time to buy.
Phoenix, AZ
October median list price: $519,950
Discount next week vs. peak: -5.6%
Phoenix averages 300 days of sunshine per year, which is why so many people are drawn to the region.
Homebuyers who choose to buy a home there during election week could see prices up to $30,000 below the year’s peak, which can certainly buy a lifetime supply of sunscreen.
Tampa, FL
October median list price: $400,000
Discount next week vs. peak: -4.4%
This wonderful city is known for the Tampa River, which connects a number of museums, shops, restaurants and parks.
Next week, Tampa homebuyers will enjoy a potential savings of up to $21,000 below the peak — perfect for a shopping spree on the Riverwalk.
Raleigh, NC
October median list price: $450,000
Discount next week vs. peak: -6.0%
The city, nicknamed the “Smithsonian of the South,” is prized for its arts and culture scene — and next week, homebuyers could see home prices as low as $25,000 below the year’s high. This leaves shoppers with plenty of cash to buy thousands of tickets for the ballets, plays and operas the city is known for.
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Image Source : nypost.com