Timing is everything for homebuyers right now

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Published Date 9/16/2024

As the real estate market continues to challenge buyers with high prices and hefty down payments, a glimmer of hope appears on the horizon, according to Real Estate News’ Amie Fisher.

“Despite current market conditions, where only 17% of consumers believe it's a good time to buy a home, Realtor.com's recent data suggests that the best week to purchase a property in 2024 is fast approaching,” says Fisher, who encourages homebuyers to mark their calendars for September 29 - October 5, 2024. “This week is expected to offer the ideal combination of benefits for prospective homeowners ready to make their move this fall. During this period, buyers can anticipate more homes to choose from, lower prices compared to summer peaks, and reduced competition.”

Fisher adds that one of the primary advantages for buyers during this golden week is the increased inventory. Realtor.com predicts that housing supply will be 37% higher by late September compared to the beginning of the year. Moreover, homes are staying on the market an average of two weeks longer, allowing buyers more time to tour properties and make informed decisions.

“Perhaps the most enticing aspect is the potential for savings,” she says. “Buyers who manage to close a deal in early October can expect to save more than $14,000 on average compared to summer prices. This price drop, combined with a possible easing of mortgage rates, could make homeownership more accessible for many.”

The Federal Reserve is anticipated to start cutting rates which could lead to a decrease in mortgage rates. While the exact impact on borrowing costs remains to be seen, acting sooner rather than later is likely to benefit buyers.

Realtor.com's Danielle Hale emphasizes the unique market dynamics of this fall season. Unlike recent years, there's ample for-sale inventory that could absorb late-season demand in many markets. This situation makes the fall an excellent time to buy, even if falling mortgage rates stimulate more demand than usual.

For those who feel the best week is approaching too quickly, Hannah Jones, Senior Economic Research Analyst at Realtor.com, offers reassurance. The two weeks following the prime week are considered the second and third-best weeks to buy. However, potential buyers should be aware that listing activity will begin its seasonal decline as autumn progresses.

While the current real estate market presents challenges, the upcoming weeks offer a promising opportunity for those ready to purchase a home. With more options, lower prices, and potentially reduced competition, buyers who act during this period may find themselves in an advantageous position. As Jones advises, "Buyers trying to close this fall should prepare now."

RealEstateNews, TBWS

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