Good news, homebuyers: the best deals in the US housing market may be around the corner.
October is prime dealmaking season for homebuyers hoping to get discount on a home, either through price cuts or sellers offering concessions, according to an analysis from Redfin.
“Seasonality trends suggest buyers in these places looking to score a bargain may want to get serious about their home search now that fall is here,” Asad Khan, a senior economist at the real estate listings site, said in a report. “Sellers who put their home on the market over the summer might be open to dropping their price or offering concessions now that we’re past Labor Day.”
The housing market as a whole is tipping more into buyers’ favor, thanks to inventory piling up on the sidelines and many prospective buyers holding back due to affordability constraints. Buyers who remain in the market often have more room to negotiate.
Sellers outpaced buyers by around 500,000, or 35% in August, Redfin estimated.
Concessions and price cuts are also growing more common. 45% of sellers offered a concession in August, and 16% offered a concession and cut their home’s price, Redfin data show.
Redfin outlined 15 cities where homebuyers have the best chance of getting bargains in the coming weeks, divided by whether peak dealmaking season arrives in early, mid-, or late October. Here are the housing markets that made the list:
Boston, MA
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Chicago, IL
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Minneapolis, MN
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New Brunswick, NJ
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Orlando, FL
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Cincinnati, OH
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Columbus, OH
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Indianapolis, IN
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Montgomery County, PA
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Philadelphia, PA
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Pittsburgh, PA
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Cleveland, OH
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Phoenix, AZ
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Warren, MI
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