The beginning of the new school year for kids around the country signals the start of the slower home buying season. Once the leaves begin falling off the trees, fewer homes hit the marketplace and home sales also slow down. The Irvine real estate market is no different, and the sales’ number from September prove this point.
According to data obtained from the Multiple Listing Service, there were 185 Irvine homes and Irvine condos sold in September; this marks a 21% decrease from the previous month and is the lowest sales figure since February of this year. The number of Irvine homes and condo sold in September was also the lowest for this month since 2011, which is viewed as the last slow year of the recent housing bust. So why have the numbers fallen to these levels?
First and foremost, what we said above is no joke – the fall and winter seasons are the slower home buying times. Parents want their children set up at their schools before the school year begins and do not like switching schools mid-year. With the holidays approaching, families tend to be more concerned with travel plans and buying gifts, so spending their savings on a home purchase moves further down the list. Finally, inventory tends to be a little weaker as sellers also recognize that we are entering the slower seasons; they would rather wait for more buyers to be in the marketplace before listing their Irvine real estate for sale.
On a more positive note, the slower season is an advantageous time for potential buyers to get into the marketplace due to lower competition. Multiple offers and bidding wars decrease in slower markets, and sellers listing during these slow periods may give you a great deal to get their homes sold. Mortgage interest rates continue to fall, making this an incredible time to finance your home purchase. If you are a potential Irvine buyer, now is the time to strike!