Buyers still considering purchasing a home in 2024 should not worry! A new analysis from Realtor.com® indicates that the first week of October appears to be the greatest time to buy this year.

According to Realtor.com's sixth annual Best Time to Buy report, the hottest week for home buying in 2024 will be from September 29 to October 5. This prediction is based on an analysis of several important metrics, including listing prices, inventory levels, new or "fresh" listings, time on market, demand from homebuyers (as measured by Realtor.com listing views), and price reductions.

In comparison to the summer's peak median cost home, purchasers might save over $14,000, according to the research, and there could be up to 37% more inventory available than there was at the beginning of the year.

“Unlike the past few years, we are seeing ample for-sale inventory which could soak up any late-season demand in many markets, making the fall a great time to buy even if falling mortgage rates amp up more demand than is typical,” said Danielle Hale, chief economist at Realtor.com. “This year buyers who are looking for that optimum mix of ample options and the potential to save on list price are going to find some of the best market dynamics in years during the first week of October.”

Realtor.com also projected that about 50,000 homes may receive price reductions in addition to the previously mentioned advantages; demand will be 14% lower than the average week and 29.5% lower than the top; and the market pace will be two weeks longer than the record of 44 days (from June).

To be more precise, Realtor.com's analysis broke down the early-October benefits for purchasers (and ideally agents as well) into a few key elements, such as:

• “Increased Listings to Choose From:” The year 2024 has been a little different from previous years in that inventory levels have increased due to persistent seller activity and weak .buyer demand Should this pattern persist, active listings might reach their highest point since before the epidemic during the first week of October.
• “Less Competition From Other Buyers:” When shopping for a home during the best week, buyers should anticipate less competition. Demand is typically 14.4% lower than the average week and 29.5% lower than the peak during the Best Week to Buy.
• “A More Manageable Market Pace:” In the past, the best week slowed down by 34.8% as compared to the year's top speed. Based on seasonal tendencies and a cooling market, the market reached its top pace in June in just 44 days. The Best Week is predicted to extend the market peak by more than two weeks.

In the event that buyers and agents are unprepared for this rapidly approaching week, they "may be happy to hear that the following two weeks are the second- and third-best weeks to buy," said Hannah Jones, senior economic research analyst at Realtor.com.

According to Jones, these weeks have many of the same advantages as the greatest week, but they are marginally less advantageous because of a decline in the number of new listings. In order to stay up to current on houses in their price range without having to refresh or rebuild their search, buyers hoping to close this fall should start preparing now. 

If you were waiting for the market conditions to improve, your wait is almost over.  Contact Chris today to meet and discuss these upcoming opportunities.  We will work to get you prepared to take advantage of the aforementioned opportunities.

by realtor.com