The Best Time To Buy a Home This Year

<article class="post-1196637 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1196637"><span class="entry-date">September 16, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">The Best Time To Buy a Home This Year</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=The+Best+Time+To+Buy+a+Home+This+Year&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthe-best-time-to-buy-a-home-this-year%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="The Best Time To Buy a Home This Year Simplifying The Market" decoding="async" loading="lazy" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240913/20240916-the-best-time-to-buy-a-home-this-year-original.png" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>A <a href="https://www.simplifyingthemarket.com/2024/08/29/are-we-heading-into-a-balanced-market/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">shift</a> is underway in the housing market this season. 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. <strong>That’s because the best week to buy a home this year is just around the corner</strong>. Your sweet spot is here.</p>
<p> The experts at <em>Realtor.com </em><a href="https://www.realtor.com/research/best-time-to-buy-2024/" rel="noopener noreferrer" target="_blank">study</a><em> </em>seasonal trends to figure out the ideal week for homebuyers:</p>
<blockquote><p><em>“</em><strong><em>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.</em></strong><em> 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.” </em></p></blockquote>
<p>In addition to the historical trends and typical seasonality that <em>Realtor.com</em> looks at, there are also clear indicators in <a href="https://www.simplifyingthemarket.com/2024/08/16/3-reasons-to-move-in-todays-shifting-market/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">today’s market</a> data that you’ll see better conditions right now than you would have over the last few years.</p>
<p><a href="https://www.simplifyingthemarket.com/2024/08/19/how-mortgage-rate-changes-impact-your-homebuying-power/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">Mortgage rates</a> just hit their lowest point in 19 months, and that goes a long way to help with your purchasing power and <a href="https://www.simplifyingthemarket.com/2024/08/13/is-affordability-starting-to-improve/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">affordability</a>. Andy Walden with <em>Intercontinental Exchange Inc.</em> (ICE) <a href="https://www.inman.com/2024/09/04/data-points-to-another-mortgage-boom-if-rates-continue-to-tumble/" rel="noopener noreferrer" target="_blank">points out</a>:</p>
<blockquote><p><em>“Recent easing in mortgage rates brought some much-sought relief to prospective homebuyers. </em><strong><em>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</em></strong><em>.”</em></p></blockquote>
<p>And Ralph McLaughlin, Senior Economist at<em> Realtor.com, </em><a href="https://www.realtor.com/research/aug-2024-data/" rel="noopener noreferrer" target="_blank">explains</a> that it’s not just rates that have improved – <a href="https://www.simplifyingthemarket.com/2024/08/23/how-growing-inventory-benefits-todays-buyers-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">inventory</a> has too: </p>
<blockquote><p><em>“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 </em><strong><em>now sits at the highest since May 2020</em></strong><em>.”</em></p></blockquote>
<p>That should give you <a href="https://www.simplifyingthemarket.com/2024/08/12/are-there-more-homes-for-sale-where-you-live/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">more options</a>. At the same time, sellers now have to compete with each other for your attention. That means they’ll be more likely to <a href="https://www.simplifyingthemarket.com/2024/08/06/helpful-negotiation-tactics-for-todays-housing-market/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">negotiate</a> because they know their house will sit on the market longer if they don’t. <em>As Zillow</em> says:</p>
<blockquote><p><em>“</em><strong><em>Buyers waiting on the sidelines could find that early fall presents a ‘sweet spot,’</em></strong><em> where there’s less competition from other buyers, more motivated sellers and lower interest rates to finance their purchases.”</em></p></blockquote>
<h3>Bottom Line</h3>
<p>If you want to make sure you’re ready to take advantage of this sweet spot, connect with a local real estate agent and start the prep work now. Maybe it’s time to get off the sidelines and into the action.</p>
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