Despite rising mortgage rates, this fall is looking like the best time to buy for hopeful homebuyers when it comes to lower home prices, more home listings to choose from and less competition from other buyers in the market. Realtor.com ran the numbers in its fourth annual Best Time to Buy Report and found the best time to buy a home across the nation is the week of Sept. 25 to Oct. 1.
Sept 25–Oct 1 is the best time for buyers
To determine the best time to buy, the Realtor.com® economics team analyzed home prices, the number of homes available for sale, listing views, and the time it takes for a home to sell, which are all indicators that tend to follow regular seasonal buying patterns. Historically, the early fall has provided an ideal mix of market conditions, making it a good time for anyone who is in the market and looking to buy a home this year.
According to Realtor.com’s Chief Economist Danielle Hale, if you’re flexible on your timing and can budget for higher mortgage rates, early fall can be a great time to secure a home, with a number of factors aligning to make it the best time of the year both in terms of price and competition. She says this is especially true for first-time buyers and those who are not trying to sell a home at the same time as their purchase.
So what does that really mean for home shoppers? The week of Sept. 25 shows the best balance of market conditions that favor buyers, and those who buy during this week can expect a few things:
- More homes with reduced prices. Some sellers are cutting prices to attract buyers as the housing market corrects, and more than 6% of homes may have reduced home prices during the best week in 2022. Nationally, this could translate into roughly 48,000 homes available at a decreased cost. Falling home prices could mean savings of more than $20,000, on average, relative to the summer’s peak home price of $450,000.
- More homes available to shoppers. The number of homes for sale has increased this year too, and there may be approximately 46% more homes to choose from during the best week vs. the average week so far this year.
- More time to decide. Homes are now staying on the market longer, giving buyers some breathing room to make purchase decisions. With homes expected to stay on the market during the best week in 2022 some 15 days longer than during the summer’s peak, you’ll likely have some extra time to make buying decisions.
- Less competition. Fierce home buying competition has softened as mortgage rates rise. As demand from other shoppers during the best week to buy is historically 27% lower than the yearly peak week, and 8.5% lower than the average week, potential buyers can expect fewer shoppers to compete with as you search for your next place to call home.
Realtor.com is your trusted guide
If you are in the market to buy a home this fall, Realtor.com can help guide you through the process. Check out our Home Buying Checklist, with information about things to know and do before buying a house, including understanding your finances with our easy-to-use home affordability calculator and easy access to providers in your area.
Don’t wait, get started today, the best time to buy is right around the corner!
Source: https://www.realtor.com/homemade/week-of-sept-25-is-the-best-time-to-buy-a-home-in-2022/