Now might be the perfect opportunity if you've been waiting for the right time to start your homebuying journey. According to Keepingcurrentmatters.com, the housing market is shifting this season, creating favorable buyer conditions.
Why September 29–October 5 Is the Best Week to Buy a Home
Real estate analysts at Realtor.com have identified September 29–October 5 as the optimal time for buyers this year. During this week, market conditions typically favor homebuyers, offering a unique combination of higher inventory, lower prices, and reduced competition. According to Realtor.com:
"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."
This means you'll find more homes for sale, better pricing, and less pressure from other buyers. In addition to historical trends, today’s market data also suggests that conditions are better now than in previous years.
Lower Mortgage Rates and Higher Inventory
Mortgage rates have recently hit their lowest levels in 19 months, giving buyers more purchasing power. Andy Walden, from Intercontinental Exchange Inc. (ICE), highlights the impact:
"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."
Increased inventory is another key factor. Ralph McLaughlin, Senior Economist at Realtor.com, explains:
"The number of homes actively for sale continues to be elevated compared with last year, growing by 35.8%. This marks the 10th straight month of growth, with inventory now at its highest level since May 2020."
With more homes on the market, sellers are more likely to negotiate, which could lead to better deals for buyers.
Find Your Dream Home This Fall
As Zillow points out, this early fall presents a "sweet spot" for homebuyers. With lower competition, motivated sellers, and favorable interest rates, it's an ideal time to take advantage of market conditions.
Take Action Now
If you're ready to buy a home, don’t wait any longer. Connect with Marks Realty Group to get started on your home search today. With the best time to buy just around the corner, make sure you're prepared to find your dream home this fall.
Source: Keepingcurrentmatters.com
