The Best Time To Buy a Home This Year

The Best Time To Buy a Home This Year

A shift is occurring in the housing market this season, making it an excellent time to dive back into your homebuying search. The ideal week to buy a home this year is approaching, so your perfect opportunity is near.

Realtor.com experts analyze seasonal trends to identify the best week for homebuyers:

“Nationally, the best time to buy in 2024 is the week of Sept. 29–Oct. 5. This week historically has shown the best balance of market conditions that favor buyers. Inventory tends to be high, prices are below peak levels, demand is waning, and the pace of the market slows to a more manageable speed.” 

In addition to examining historical trends and typical seasonality, Realtor.com also considers current market data, which indicates that conditions are more favorable now compared to recent years.

Mortgage rates have recently reached their lowest level in 19 months, significantly improving your purchasing power and affordability. Andy Walden from Intercontinental Exchange Inc. (ICE) notes:

“Recent easing in mortgage rates brought some much-sought relief to prospective homebuyers. Along with a general cooling in home price growth, rates falling below 6.5 percent made August the most affordable month for housing since February.”

Ralph McLaughlin, Senior Economist at Realtor.com, adds that it’s not just mortgage rates that have improved—inventory levels have also seen a boost:

“The number of homes actively for sale continues to be elevated compared with last year, growing by 35.8%, a 10th straight month of growth, and now sits at the highest since May 2020.”

That should give you more choices. Meanwhile, sellers are now competing for your attention, which increases the likelihood of negotiations. They understand that if they don't, their house may remain on the market longer. As Zillow notes:

“Buyers waiting on the sidelines could find that early fall presents a ‘sweet spot,’ where there’s less competition from other buyers, more motivated sellers and lower interest rates to finance their purchases.”

Bottom Line

If you want to make the most of this prime opportunity, let’s connect and start preparing now. It might be time to move from the sidelines and dive into the action.