Buying a home is a major decision, and timing plays a crucial role in getting the best deal. According to Realtor.com’s latest report, the week of Sept. 29-Oct. 5, 2024, is shaping up to be the prime time for homebuyers this fall. So, if you're in the market for a new home, here’s why you might want to circle that week on your calendar.
1. Expected Price Drops
One of the most compelling reasons to buy during this window is the anticipated price drop. Realtor.com predicts that home prices will dip by approximately 3.5% compared to their peak in the summer months. That might not sound like much at first, but for a $400,000 home, that equates to a potential savings of around $14,000—enough to cover closing costs, some renovations, or even put more towards your down payment.
Sellers who listed their homes during the busy summer season may now be more motivated to lower their prices to attract fall buyers. This price adjustment can work in your favor, especially if you're flexible with your timing and can wait until the market shifts in your favor.
2. Reduced Competition
Summer is typically the hottest time for real estate, with families eager to settle in before the school year starts. By the time fall rolls around, the number of active buyers tends to decline, and this year is no exception. Realtor.com estimates that buyer competition will drop by around 18% during the week of Sept. 29-Oct. 5. This reduction in competition means that there are fewer bidding wars, giving you more leverage as a buyer.
This is especially good news if you’ve been on the sidelines, frustrated by the aggressive competition over the summer. Fewer buyers means you may have more time to consider your options and negotiate better terms without feeling rushed or pressured by multiple offers.
3. Increased Inventory
In addition to lower prices and reduced competition, buyers will also benefit from a slight increase in inventory during this time. Realtor.com projects a 9% rise in the number of homes for sale compared to earlier in the year. More homes on the market mean you’ll have a wider range of options to choose from, whether you're looking for your dream home or a solid investment property.
More inventory often gives buyers the upper hand, as sellers may be more inclined to negotiate on price or other terms, such as covering some of the closing costs or making concessions for repairs. This creates a perfect storm of opportunities for buyers who are patient and strategic.
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4. Possible Stabilization of Mortgage Rates
Mortgage rates have been volatile over the past year, with many buyers waiting for some stability before committing to a loan. While predicting interest rates is always tricky, there’s reason to believe that they may stabilize or even drop slightly in the fall. Historically, mortgage rates tend to moderate after the summer, and any potential decline in rates can have a significant impact on your monthly payments and overall affordability.
Even a small drop in interest rates can save you thousands of dollars over the life of your loan. For example, a reduction from 7% to 6.5% on a 30-year mortgage can save you hundreds of dollars per month and tens of thousands over the term of the loan.
5. A Good Time for Long-Term Planning
Buying a home is more than just a financial decision—it’s also about planning for your future. The fall season, particularly the week of Sept. 29-Oct. 5, aligns with a time when families have settled into their routines, and there’s less urgency to make a quick decision. This allows buyers to be more thoughtful about their home purchase, considering not just the price but also factors like community amenities, school districts, and proximity to work or family.
If you’re looking to make a move before the year ends, buying during this optimal week gives you enough time to settle into your new home before the holidays. It’s a great opportunity to take advantage of the changing market conditions without feeling the pressure that comes with peak buying seasons.
How to Prepare for the Buying Process
If you’re planning to buy during this ideal window, preparation is key. Here are a few steps to get ready:
Get pre-approved for a mortgage so you’re ready to make an offer quickly when you find the right home.
Research neighborhoods that align with your needs and budget.
Consult a local real estate agent who can guide you through the process, alerting you to new listings as soon as they hit the market.
Stay flexible—while this week presents great opportunities, being adaptable will give you the best chance of finding your perfect home.
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Before you embark on your search for the perfect house, it is important that you prioritize your goals in an attempt to narrow your choices of properties.
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