If you’ve considered buying a home this year, you’re in luck! A new study from Realtor.com highlights that the week of September 29 to October 5 is hands down the best week to buy a home in 2024.
You might be wondering, “Why this particular week?” Well, let me break it down for you.
1. Mortgage Rates Are Finally Easing
Yes, you read that right. After months of watching interest rates rise and make home buying a bit daunting, they’ve finally started to come down. This dip in mortgage rates is a golden opportunity, making homeownership more affordable again. If you’ve been on the fence because of rates, now’s the time to revisit the idea and lock in a more budget-friendly deal.
2. Less Competition
Here’s a little insider secret: most buyers slow down after the busy spring and summer seasons. Many people get caught up in holiday planning or just take a breather from their home search as the weather cools. That means fewer people are competing for the same properties you’ve had your eye on all summer. It’s the perfect time to swoop in and make your move!
3. More Inventory to Choose From
Home sellers holding out for higher offers during the peak season are more likely to list their properties at more reasonable prices around this time. And with more homes on the market, your dream home may just pop up, giving you better options and negotiation power.
4. Seasonal Price Drops
As the year winds down, many sellers are motivated to close deals before the holidays hit. You know what that means: price reductions! This particular week tends to see a nice balance of motivated sellers and discounted homes, meaning you’re more likely to find a great deal compared to peak buying season.
Why Wait?
So, if homeownership is in your plans, or you’ve just been waiting for the right moment to jump in, September 29 – October 5 is your window of opportunity. Between the easing mortgage rates, lower competition, and more inventory, it’s shaping up to be the perfect storm of favorable conditions for buyers.
Make sure you have your finances ready, get pre-approved for a mortgage, and hit the ground running! You could be sipping cocoa in your new living room by the holidays.
