The Best Week to Buy

A shift is underway in the housing market. And if you’ve been sitting on the sidelines waiting for the right moment to jump back into your homebuying search, this is a great time to do it. That’s because the best week to buy a home this year is just around the corner.

The experts at Realtor.com study seasonal trends to figure out the ideal week for homebuyers: “Nationally, the best time to buy in 2024 is the week of Sept. 29–Oct. 5. This week historically has shown the best balance of market conditions that favor buyers. Inventory tends to be high, prices are below peak levels, demand is waning, and the pace of the market slows to a more manageable speed.” 

In addition to the historical trends and typical seasonality that Realtor.com looks at, there are also clear indicators in today’s market data that you’ll see better conditions right now than you would have over the last few years.

Mortgage rates just hit their lowest point in 19 months, and that goes a long way to help with your purchasing power and affordability. Andy Walden with Intercontinental Exchange Inc. (ICE) points out: “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.”

And Ralph McLaughlin, Senior Economist at Realtor.com, explains that it’s not just rates that have improved – inventory has, too: “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.”

On Cape Cod, inventory has increased to nearly 3.5 months. That’s about a 32% increase over last year.

Buyers should have more options now. At the same time, sellers now have to compete with each other for attention. That means they’ll be more likely to negotiate because they know their house will sit on the market longer if they don’t. 

The number of downward price adjustments for homes currently being marketed is also increasing. What this means is that houses were priced above what consumers are willing to pay. This may move homes that were above your budget to a level that is now affordable.

As Zillow says: “Buyers waiting on the sidelines could find that early fall presents a ‘sweet spot,’ where there’s less competition from other buyers, more motivated sellers and lower interest rates to finance their purchases.”

Bottom Line

If you want to take advantage of this real estate sweet spot, you can start right now. Let’s connect to at 508-360-5664 or [email protected] to discuss what you need and want in your next home. And then the search can begin!

We’re here to help you find where’s next for you…

Mari and Hank

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.