The Best Week to Buy a Home Is Almost Here—Are You Ready?

A major shift is happening in the housing market right now. If you’ve been waiting for the perfect moment to dive back into your home search, it’s time to get ready. The best week to buy a home this year is just around the corner, and you won’t want to miss this opportunity.

Why Now Is the Perfect Time to Buy

Experts at Realtor.com have analyzed seasonal trends and pinpointed the ideal week for homebuyers in 2024:

“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 it’s not just about seasonal patterns. The current market data shows we’re seeing better buying conditions than we’ve experienced in recent years. Here’s why:

Mortgage Rates Are at a 19-Month Low

With mortgage rates dropping to their lowest level in almost two years, your purchasing power and affordability have significantly improved. Andy Walden from Intercontinental Exchange Inc. (ICE) notes:

“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.”

This drop in rates can make a big difference in your monthly payments, giving you more financial flexibility as you hunt for your dream home.

Inventory Is High and Growing

In addition to lower rates, the number of homes on the market is growing. Ralph McLaughlin, Senior Economist at Realtor.com, highlights:

“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.”

More homes on the market mean more options for you. Sellers know this, too—and they’re feeling the pressure. As Zillow explains:

“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.”

With more homes available and sellers eager to make deals, you’ll have the upper hand in negotiations.

Bottom Line

The window of opportunity is wide open, but it won’t last forever. If you’re ready to jump back into the homebuying game, now’s the time to take action. Let’s connect and start prepping so you can make the most of this market sweet spot.