A shift is underway in the housing market this season, and if you've been waiting for the right moment to jump back into your homebuying search, now is a fantastic time to make your move. In fact, the best week to buy a home this year is just around the corner, so your sweet spot is here.
According to the experts at Realtor.com, the ideal window for homebuyers is fast approaching:
“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.”
But that’s not all. Beyond historical trends and typical seasonality, there are several clear signs in today’s market that buyers will enjoy better conditions now than in recent years.
Lower Mortgage Rates Give You More Purchasing Power
Mortgage rates recently hit their lowest point in 19 months, which is great news for anyone looking to buy. Lower rates mean more purchasing power and improved affordability. Andy Walden with Intercontinental Exchange Inc. (ICE) highlights this:
“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.”
Elevated Inventory = More Options
It’s not just mortgage rates that are working in favor of buyers—inventory is up, too. The number of homes for sale has significantly grown compared to last year:
“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 increase in inventory means you'll have more options, which also forces sellers to compete for your attention. With homes sitting on the market longer, sellers are more willing to negotiate to make a deal.
The Fall "Sweet Spot"
Zillow adds that this fall could be an ideal time for buyers, especially for those who have been holding off:
“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 take advantage of this opportunity, now is the time to start preparing. Connect with me today to ensure you're in the best position to buy. Whether it's securing financing, exploring options, or beginning negotiations, we can work together to make sure you're ready to jump into the market at the perfect time.