The best time of year to buy a house is just days away, according to a new report from Realtor.com.
Despite record-high home prices and sky-high mortgage rates that have made it impossible to buy a home, the company says that the fall is set to change all that.
“As summer fades, slower price growth and longer time on the market coupled with increased inventory and fewer new listings indicate that this year’s homebuying will follow a more typical pattern in some areas, but will present a challenge for buyers in others. Buyers have faced uncertain economic conditions over the past year, leaving many stuck on the sidelines, unsure whether the housing market would improve. Recent data shows cooling inflation and employment, which has convinced the market that rate cuts are imminent and led to a drop in mortgage rates,” reads the report.
“Potential buyers continue to face the affordability challenges that affect homeowner willingness to sell, but the pressure has eased some. The typical seasonal trend coupled with the shifting market will play in the favor of persistent, informed buyers who are ready to purchase. Today’s market leans more in favor of buyers than in years past. Mortgage rates are lower than this time last year, which means buyers are in a better position this year to take advantage of increasingly available inventory and afford their dream home.”
The best time to purchase a home in Dallas-Fort Worth-Arlington is September 29 to October 5, while the best time in Houston-The Woodlands-Sugar Land is October 27 to November 2, according to the report.
The New York Post reports on the best time of year to buy a house. Here’s the start of the story:
It’s the most buyer-friendly time of the year.
Of all the times to purchase property, a new report from Realtor.com has found that Sept. 29 to Oct. 5 offers the most balanced mix of market conditions for becoming a homeowner in the US.
The seven-day stretch of early autumn features an appealing combination of more active listings than the start of the year (37% more, to be precise), a lower median home price (the week’s buyers are set to save more than $14,000 compared to those who bought during summer’s peak) and 29.5% less competition from other buyers, the real-estate listings portal found.
These features are not specific to 2024. Realtor.com found them to be historically consistent, in part because of school schedules, as families eager to move while their kids are on summer break drive more market activity and competition in spring.
By Sept. 29, the choice buying week, school has already started back up, and many families have stopped searching.
It is also easier to conduct home showings and inspections during warm weather.