The housing market is shifting this season, and if you've been waiting for the right moment to dive back into your home search, now is a great time. In fact, the best week to buy a home in 2024 is just around the corner.
Experts at Realtor.com have studied 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. Historically, this week offers the most favorable market conditions for buyers—higher inventory, lower prices, reduced demand, and a slower market pace.”
In addition to these seasonal trends, current market data indicates better conditions than we’ve seen in recent years.
Mortgage rates have hit a 19-month low, boosting your purchasing power. Andy Walden from Intercontinental Exchange Inc. (ICE) notes:
“Recent easing in mortgage rates brought much-needed relief to prospective homebuyers. Along with a general slowdown in home price growth, August saw the most affordable housing market since February with rates dropping below 6.5 percent.”
Ralph McLaughlin, Senior Economist at Realtor.com, adds that inventory has also improved:
“The number of homes actively for sale is up 35.8% compared to last year, marking 10 consecutive months of growth and reaching its highest level since May 2020.”
With more homes available, sellers are facing increased competition. As a result, they’re more likely to negotiate, knowing their home could sit on the market longer if they don’t. As Zillow explains:
“Buyers waiting on the sidelines could find early fall to be a ‘sweet spot’ with less competition, more motivated sellers, and lower interest rates.”
Bottom Line
If you want to take advantage of this prime opportunity, let’s connect and start preparing now. It might be the perfect time to move from the sidelines into the action.
