The Best Time To Buy a Home This Year

The Best Time To Buy a Home This Year

A shift is happening in the housing market this season, and if you’ve been holding off on your homebuying plans, now could be the perfect time to jump back in. The best week to buy a home this year is right around the corner—your sweet spot is here.

Experts at Realtor.com analyze seasonal trends to pinpoint the ideal 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.” 

Along with the historical trends and seasonality that Realtor.com examines, current market data also suggests more favorable conditions now compared to recent years. Mortgage rates have dropped to their lowest point in 19 months, which significantly boosts your purchasing power and improves affordability. As Andy Walden from Intercontinental Exchange Inc. (ICE) highlights:

“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, emphasizes that it's not just mortgage rates that have improved—inventory has as well. This means there are more homes available for buyers to choose from, offering better opportunities in the current market.

“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.”

This gives you more choices, and since sellers now have to compete for your attention, they’re more likely to negotiate. If they don’t, they risk their home sitting on the market longer. As Zillow puts it, this creates an opportunity for buyers to potentially secure a better deal:

“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're ready to jump on this opportunity, let's connect and start preparing now. It could be the perfect moment to move from the sidelines and into the action of the housing market.