This year, the housing market is undergoing significant changes. If you’ve been holding off on buying a home, now is the perfect time to jump back in. That’s because the best time to buy a house this year is just around the corner.
Experts at Realtor.com analyzed seasonal trends to find the ideal week for home buyers. According to their analysis, the best time to buy a house nationwide in 2024 is the week of September 29th to October 5th. During this week, inventory is higher, prices are below their peak, demand has decreased, and the market is moving at a slower pace, creating the most favorable conditions for buyers.
In addition to the historical trends and typical seasonality observed by Realtor.com, current market data also shows better conditions than in recent years.
Mortgage Rates
Mortgage interest rates have recently dropped to their lowest level in 19 months, which greatly enhances buying power and reduces the financial burden. According to ICE (Intercontinental Exchange), the recent easing of mortgage rates has provided much-needed relief to homebuyers. With the general slowdown in home price growth and interest rates falling below 6.5%, August has become the most favorable month for home buyers since February.
Inventory
Realtor.com’s chief economist Ralph McLaughlin also noted that inventory has improved, along with interest rates. The number of homes for sale has increased by 35.8% compared to last year, marking 10 consecutive months of growth and reaching the highest level since May 2020.
This means you’ll have more options to choose from. At the same time, sellers will be competing for buyers' attention, making it more likely that they’ll negotiate more easily to avoid leaving their homes on the market for too long.
Conclusion
Buyers who’ve been waiting may find that early fall is the “golden period.” Compared to the past few years, there’s less competition, sellers are more willing to negotiate, and the opportunity to secure financing with lower interest rates has arrived.
It seems the time to act has come, so don’t wait any longer! Feel free to reach out if you need any help.
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