Want to buy a home this year but not sure if the timing is right? Depending on the season, it may actually be a better time to buy than you think.
Yes, mortgage rates have been rising lately, and that can make affordability more challenging. But this time of year also brings some predictable trends that could make buying a home feel a little more manageable.
According to research from Realtor.com, the week of September 27 through October 3 is expected to be the best time to buy a home this year, thanks to some seasonal advantages buyers can take advantage of.
““The week of September 27–October 3 brings together the market conditions buyers value most—elevated inventory, less competition and prices that have eased from their seasonal high—giving prepared buyers a way to offset high rates with savings on price and room to negotiate with confidence.”
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That’s the best week nationally, but your local market may have a slightly different sweet spot. Depending on where you live, the best time to buy could come a little earlier or later. See the map below.
It really comes down to local trends, inventory, and how buyer demand changes with the seasons in your area. But whenever your market hits its sweet spot, there are some great benefits to buying this time of year.
More Choices, Better Prices, and Less Competition
For starters, buyers have more homes to choose from. According to the National Association of Realtors, the number of homes for sale recently reached its highest level in more than 10 years:
““NAR’s data does show a strong uptick in for-sale inventory at the end of the summer, reaching the highest level in more than 10 years.”
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That means you may have an easier time finding a home you love that also fits your budget, without having to compromise as much. And there are more benefits to consider.
Realtor.com says buyers during this time could find home prices about $14,000 lower than the summer peak, with 30% less competition from other buyers. Homes also tend to stay on the market about 13 days longer, giving you more time to think things through before making a decision.
More homes to choose from.
Better prices.
Less competition.
That combination could help take some of the pressure off your budget, especially with mortgage rates still higher than many buyers would like.
The Window Doesn’t Close After This One Week
But you definitely don’t have to buy during that exact week. This isn’t a one week only opportunity. History shows that buyers can benefit from favorable conditions throughout the entire month of October:
In fact, Realtor.com says 42 of the 50 largest metros have their best week to buy sometime in October. So, you don’t need to rush to hit one specific date. Use this time to get everything lined up, then make your move when the timing feels right for you. As Guaranteed Rate explains:
““The best time to buy a home depends on your needs. Certain seasons can give you an advantage when starting your homebuying journey.”
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Bottom Line
If buying a home is still on your list this year, it can still be possible even with today’s mortgage rates. This fall could give you a chance to take advantage of some of the seasonal benefits the market has to offer.
Want to know when these advantages typically show up in our local market?
Let’s have a quick conversation about what’s happening in our local market and how you can get prepared for your next move.
