The Best Time To Buy a Home This Year

If you’ve been waiting for the perfect moment to jump into the housing market, now could be your time! According to experts, the best week to buy a home in 2024 is right around the corner, offering you a prime opportunity to secure a great deal.

When Is the Best Time to Buy?

Realtor.com has analyzed seasonal trends and found that the week of September 29 to October 5 is typically the most favorable for buyers. Here’s why this period stands out:

Higher Inventory: There are generally more homes available during this time, giving you more options to choose from.

Lower Prices: Prices tend to dip from their summer peaks, making it an ideal time for budget-conscious buyers.

Reduced Competition: Buyer demand usually slows, meaning fewer bidding wars and more room for negotiation.

Slower Pace: Homes stay on the market longer, giving you the breathing room to make decisions without rushing.

Why This Year Stands Out

In addition to these seasonal factors, current market trends make this year’s fall season particularly attractive for buyers. Here are some key points to consider:

Falling Mortgage Rates: Mortgage rates have recently dropped to their lowest level in 19 months, significantly improving affordability. According to Andy Walden from Intercontinental Exchange Inc. (ICE), this recent dip in rates has provided much-needed relief to homebuyers, making August the most affordable month since February.

Increased Inventory: Ralph McLaughlin, Senior Economist at Realtor.com, notes that the number of homes on the market is 35.8% higher than last year, marking the 10th straight month of inventory growth. This means more choices for you, and less pressure to settle for a home that doesn’t check all your boxes.

Motivated Sellers: With more homes on the market, sellers are competing for your attention. This increased competition often leads to better opportunities for buyers to negotiate favorable terms, from price reductions to covering closing costs.

The Sweet Spot Is Here

As Zillow puts it, this time of year presents a unique “sweet spot” for buyers, offering less competition, motivated sellers, and better financing options. If you’ve been waiting for the right time, this could be it.

Bottom Line

To take advantage of these favorable market conditions, it’s essential to be prepared. Connect with a local real estate agent to start your home search and get off the sidelines. This fall, the market is primed to work in your favor – don’t miss out on this opportunity!