The Ideal Time to Buy a Home This Year

The housing market is undergoing a noticeable shift this season. If you’ve been waiting for the perfect moment to re-enter the market, now might be your chance. The optimal week to buy a home is fast approaching, offering the ideal conditions to help you find the right property.

According to experts at Realtor.com, the best time to purchase a home in 2024 is expected to be the week of September 29–October 5. During this period, market conditions historically favor buyers, presenting a unique window of opportunity. Realtor.com explains:

“Nationally, the best time to buy in 2024 is the week of Sept. 29–Oct. 5. This week has shown the best balance of buyer-friendly conditions: high inventory, lower prices, reduced demand, and a slower pace of sales activity.”

In addition to seasonal trends, current market indicators suggest this year offers better conditions than what buyers have seen in recent years.

For example, mortgage rates recently dropped to their lowest level in nearly two years. This provides buyers with more purchasing power and improved affordability. Andy Walden from Intercontinental Exchange Inc. (ICE) notes:

“Recent easing in mortgage rates brought much-needed relief to homebuyers. Combined with a slowdown in home price growth, rates dipping below 6.5% made August the most affordable month for homebuyers since February.”

On top of more favorable rates, there are also more homes available. Ralph McLaughlin, Senior Economist at Realtor.com, explains:

“The number of homes for sale has risen 35.8% compared to last year, marking the 10th consecutive month of growth. Inventory levels are now the highest since May 2020.”

This increase in supply gives buyers more choices and puts sellers in a position where they must compete for attention. As Zillow points out:

“For those buyers who have been waiting, early fall might present a ‘sweet spot’—less competition from other buyers, more motivated sellers, and better mortgage rates.”

Bottom Line

If you want to take full advantage of these market conditions, it’s time to prepare. Let’s connect today and make sure you’re ready to seize this opportunity. The market is shifting in your favor—don’t miss out!