A change is happening in the housing market this season. If you’ve been holding back, waiting for the perfect time to dive back into your home search, now is a great time to go for it. The best week to buy a home this year is just ahead, making this your ideal moment.

The team at Realtor.com analyzes seasonal patterns to determine the best 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.”
— Realtor.com

Besides the historical trends and usual seasonal patterns that Realtor.com analyzes, the current market data also shows clear signs that conditions are more favorable right now compared to the past few years.

Mortgage rates have just fallen to their lowest level in 19 months, which can significantly enhance your purchasing power and affordability. According to Andy Walden from Intercontinental Exchange Inc. (ICE):

“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.”
— Andy Walden with Intercontinental Exchange Inc. (ICE)

Ralph McLaughlin, a Senior Economist at Realtor.com, points out that it's not only the interest rates that have gotten better; the inventory of homes available has also increased.

“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.”
— Ralph McLaughlin, Senior Economist at Realtor.com

That opens up more possibilities for you. Sellers are now finding themselves competing for your interest, which makes them more inclined to negotiate. They realize that if their home stays on the market for too long, it could become a bigger issue. As Zillow points out:

“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.”
— Zillow

Bottom Line

If you want to be ready to take advantage of this great opportunity, let’s connect and start preparing now. It might be time to move from the sidelines and get involved.