If you’ve been on the fence about buying a home, this fall might be your golden opportunity. The experts at Realtor.com have crunched the numbers, and they say the best week to buy a home in 2024 is September 29 to October 5. That’s right, the best time to buy is NOW! Why is this particular week such a big deal? Let’s break it down.
1. Inventory is Up—And That’s Good News for You
We’re seeing more homes on the market than we have in over three years. In fact, active listings are up 35.8% compared to last year, making this the 10th straight month of growth. What does that mean for you? More options! After a few years of slim pickings, you’ve got a better chance of finding a home that checks off all the boxes. Plus, when sellers are competing with each other for your attention, they’re more likely to be flexible on price and terms.
2. Mortgage Rates Are the Lowest They’ve Been in 19 Months
If you’ve been holding off because of high mortgage rates, now might be the time to strike. Rates have recently dipped below 6.5%, which is the lowest we’ve seen since early 2023. Lower rates mean lower monthly payments and a stronger ability to buy a home within your budget. According to Andy Walden from Intercontinental Exchange Inc. (ICE), this recent drop has made August the most affordable month for housing since February. That’s a huge relief for anyone who’s been concerned about affordability.
3. Sellers Are More Likely to Negotiate
With more homes on the market and fewer buyers competing, sellers are starting to sweat a bit. They know that if they don’t price their homes competitively, they could be sitting on the market for a while. This puts the power in your hands. With a higher number of listings available, buyers have more room to negotiate. You might be able to score a better deal or get sellers to throw in some extras, like covering closing costs or including appliances.
“The number of homes actively for sale continues to be elevated compared with last year.” Ralph McLaughlin, Senior Economist at Realtor.com
4. Fall Brings a “Sweet Spot” for Buyers
Historically, the early fall market is a sweet spot for buyers. The frenzy of the spring and summer markets has cooled down, but inventory is still high. This means fewer bidding wars, more time to make decisions, and potentially lower prices. Zillow sums it up well: “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.”
What Does This Mean for You?
If you’ve been waiting for the right time to buy, this could be it. With increased inventory, lower mortgage rates, and motivated sellers, the market conditions are aligning in your favor. Whether you’re a first-time buyer, looking to upgrade, or planning to downsize, and the best time to buy is now.
Ready to Take the Next Step?
The best deals don’t stick around for long. If you’re ready to dive into the market, it’s essential to be prepared. Fry Realty Collective can help you navigate this ever-changing market. We offer insights on pricing, negotiate the best terms, and make sure you don’t miss out on a great opportunity.
Remember, the window of opportunity is small, and you don’t want to be left on the sidelines when your dream home is up for grabs. So, let’s get started and make this fall the season you find your perfect home!
Bottom Line: The stars are aligning for buyers this fall, but the window won’t stay open forever. If you’re ready to take advantage of this sweet spot, get in touch and let’s start planning your next move today.