If you’re in the market for a new home, this might be the best time to buy in 2024. The first week of October offers homebuyers a perfect balance of market conditions, with more listings, lower prices, and less competition.
Is Now the Best Time to Buy a Home?
The 2024 housing market has been marked by high prices and mortgage rates, which have held back some buyer demand. However, the tide is shifting, and as we approach fall, conditions are set to improve for homebuyers. According to recent data, the best time to buy a home this year is between Sept. 29 and Oct. 5, with the two weeks following also providing favorable opportunities.
Key Highlights:
- Increased Inventory: This period is expected to offer up to 37% more active listings than the start of the year, providing buyers with more options.
- Potential Savings: Buyers could save over $14,000 on a median-priced home of $445,000 compared to the summer peak.
- Falling Mortgage Rates: With the potential for lower mortgage rates in the fall, buyers may find homeownership more affordable.
The Year So Far
So far in 2024, home prices have stayed near last year’s levels, keeping housing relatively expensive. However, inventory has been improving, with a significant jump since late 2023. By August 2024, there were 35.8% more homes for sale compared to the previous year, though inventory still remains below pre-pandemic norms.
One of the biggest factors holding back sellers has been mortgage rates, which have stayed between 6% and 8%. Many homeowners are “locked in” to their current low rates, making them hesitant to sell. However, increased inventory, coupled with the possibility of easing mortgage rates, might create a better environment for buyers later this year.
Why Early October is the Best Time to Buy
More Listings
During the week of Sept. 29–Oct. 5, inventory is expected to peak, giving buyers the highest number of options. Listings during this week could be 14% higher than the average week in 2024.
Less Competition
With demand waning after the busy summer season, there is typically 29.5% less competition during this period compared to the spring peak. This means fewer bidding wars and more room for negotiation.
Manageable Market Pace
Homes are expected to stay on the market longer during this time, allowing buyers more time to consider their options. Historically, homes take 13 days longer to sell during this week compared to the market peak in June, giving buyers more flexibility.
Lower Prices
Prices tend to dip in the fall, and this year, buyers could see a 3.1% decrease in listing prices during the best week, translating into savings of around $14,000. Additionally, more homes are likely to see price reductions, with 5.6% of homes typically having their prices cut during this period.
Regional Variations
While Sept. 29–Oct. 5 is the best week to buy nationally, the timing may vary slightly depending on where you are:
- New York, Boston, and Washington, DC have an earlier best week in mid-September.
- Los Angeles and Houston see their best week in early November.
- Many other cities, like Dallas, Chicago, and St. Louis, share the same best week as the national market.
For more specific information on your area, check local market reports.
Planning Your Purchase in a Shifting Market
Mortgage rates have been volatile, hovering in the 6% to 8% range. However, as we approach the end of the year, there’s hope that rates will drop further due to slowing inflation and possible interest rate cuts from the Federal Reserve. If you’re planning to buy this fall, here are a few things to consider:
Prioritize Price or Inventory?
- If low prices are your top priority, consider waiting a bit longer, as prices tend to dip further as the holidays approach.
- If having more options is key, buying in early October may be your best bet, as listings tend to peak before the inventory starts to shrink in the winter months.
No matter what your priorities are, take the time to familiarize yourself with your local market. Set up alerts for new listings and be ready to act when the right home comes along.
Call to Action: Work With Sell For 1 Percent Realtors
Looking to capitalize on the best time to buy a home? Sell For 1 Percent Realtors is here to help. We offer full-service real estate services at a fraction of the traditional cost, saving you thousands. With our innovative approach, we use today’s technology to sell homes for just 1% commission, passing the savings directly to our clients.
Whether you’re a first-time buyer or looking to upgrade, now is the time to make your move. Contact us today and let us guide you through the homebuying process with expertise and savings you won’t find anywhere else.
With the right preparation and timing, you can find your dream home this fall and save big. Don’t miss out on the opportunity to take advantage of these favorable market conditions!
