A shift is happening in the housing market, and now could be the perfect time to dive back into your homebuying search. If you’ve been waiting on the sidelines, this is the ideal moment to make your move. According to the experts at Realtor.com, the best week to buy a home in 2024 is just around the corner. They’ve pinpointed the week of Sept. 29 to Oct. 5 as the optimal time for buyers to take advantage of favorable market conditions.

Realtor.com explains that this specific week tends to offer a balance that works in the buyer’s favor. During this time, inventory is usually higher than average, prices are below peak levels, demand starts to wane, and the pace of the market slows down. All of these factors combined mean better opportunities for buyers who are prepared to act.

Historically, seasonal trends indicate that the housing market shifts in the early fall. But this year, current market data shows even more favorable conditions than in the last few years. For instance, mortgage rates have hit their lowest point in 19 months, which can significantly improve your purchasing power. Andy Walden of Intercontinental Exchange Inc. (ICE) notes, “Recent easing in mortgage rates brought some much-sought relief to prospective homebuyers. Along with a general cooling in home price growth, rates falling below 6.5 percent made August the most affordable month for housing since February.”

Lower mortgage rates can make homeownership more affordable, helping you secure a better deal. As rates dip, you’ll likely see lower monthly payments, which can make a big difference when buying a home.

But that’s not all that’s working in your favor. Inventory has increased as well. According to Ralph McLaughlin, Senior Economist at Realtor.com, “The number of homes actively for sale continues to be elevated compared with last year, growing by 35.8%, a 10th straight month of growth, and now sits at the highest since May 2020.”

An increased number of available homes means more options for you as a buyer. Sellers are also feeling the pressure, knowing they need to compete for your attention. In this market, sellers may be more willing to negotiate on price or offer incentives, such as closing cost contributions or home repairs, to make their homes more appealing.

Zillow highlights that buyers could be hitting a “sweet spot” in early fall: “There’s less competition from other buyers, more motivated sellers, and lower interest rates to finance their purchases.” This combination makes it an opportune time to explore the housing market and find the home that’s right for you.

Bottom Line:
If you’ve been holding off on buying a home, now is the time to act. The market conditions this season are lining up to benefit buyers, with more options, better prices, and lower rates. To make the most of this opportunity, connect with a local real estate agent who can help you navigate the process. Don’t sit on the sidelines any longer—start your journey toward homeownership today.