THIS COULD BE THE BEST WEEK OF THE YEAR TO BUY A HOME
This could be the Best Week of the Year to Buy a Home
Home buyers may want to be in the market this week: It’s the time of year with the most favorable conditions for purchasing a property, a new study shows. Here are some key takeaways from the study:
1. Favorable Market Conditions: This week, home buyers can expect the most favorable market conditions, including greater home listings, reduced buyer competition, and lower prices compared to other times of the year, according to Realtor.com®’s Best Time to Buy Report. This is particularly encouraging news for buyers who have been dealing with limited inventory and affordability constraints.
2. Inventory Increase: Realtor.com predicts a 17% increase in active listings this week compared to the beginning of the year. This increase in available homes gives buyers more choices and options to consider.
3. Price Reductions: Homes tend to have price reductions during this week, typically falling by 3.3% compared to the typical season high. In some of the largest housing markets, home prices can dip more than 10% below their peak earlier in the year, potentially saving buyers a substantial amount of money.
4. Lower Competition: While there may still be some competition, it is expected to be significantly lower than during peak buying periods in 2023 and lower than the average week. This means buyers may have a better chance of securing a home without getting into bidding wars
5. Mortgage Rates: It's important to note that despite these advantages, mortgage rates are at a 23-year high, which can impact the overall cost of homeownership. However, buying in the fall is a strategy to mitigate the effects of higher rates and other stressful aspects of the home-buying process.
6. More Decision Time: Buyers may have more time to make decisions during this period, as homes in many markets take a week longer to sell compared to the peak buying season earlier in the year.
7. Savings Potential: Home buyers this fall could save thousands compared to the summer's peak home prices.
It's essential to remember that real estate market conditions can vary significantly by location, so potential buyers should work with a local real estate agent who can provide insights specific to their area. Additionally, individual financial circumstances and market dynamics should be carefully considered when purchasing homes.
