Welcome to the Best Time to Buy 2024 Edition. Have you ever wondered if there is an optimal time each year to make an offer on a home? As a society, we’re constantly hunting deals and sales. Further, we know that real estate is ripe with statistics. So let’s dig into the topic of optimal timing as it relates to buying a house.
When is the Best Time to Buy in 2024?
A recent Realtor.com article indicates that the best is yet to come (and that comes with its own silver lining). They are predicting the 2024 timeframe to be the week of September 29th – October 5th. What is the silver lining previously mentioned? Lower rates. When you couple lower price points on homes with lower rates – you hit an ideal scenario when looking to buy. However – said lower rates may prove to be a double edged sword. Why? Buyers who have been waiting (on lower rates) may be hitting the streets looking for a new home.
What Does the Savings Look Like?
From Sept 29 – October 5th, on a $445,000 priced home – Realtor.com reports an expected savings of more than $14,000 over peak buying months. However, it’s not just savings – historical trends support an increase in listings (14% more than an average week and 37% more than the beginning of the year).
How Did Realtor.com Arrive at This Week?
An analysis of data from 2018-2023 (minus 2020) of listing price, inventory levels, general demand, days on market, new listings and price reductions help them to arrive at these dates.
Why Does Competition Drop in Fall?
There are a mix of reasons but prevailing thoughts include the passing of the peak buying season coupled with back-to-school along with cooler weather.
When is the Right Time to Buy?
Ultimately, the right time to buy is when you are financially ready and want to settle in a location for a longer-duration time horizon. Far too often – people believe the time is right based on conditions/circumstances but overlook what is right for their individual situation. If you’re thinking about buying and would like to take advantage of what is shaping up to be a great time to buy – please reach out to me. I would love to connect you with a local lender who can support your loan process and give you an idea of what you can afford. Further, this enables you to ready yourself to present an offer – should you find the home of your dreams.