The Best Time to Buy a Home This Fall: What You Need to Know
As summer winds down, buyers who’ve been hesitant due to high mortgage rates and steep prices may find themselves in an ideal position. According to experts, the week of Sept. 29–Oct. 5, 2024, is the prime time to buy, offering potential savings of $14,000 on a median-priced home. Factors like rising housing stock, price reductions, and falling mortgage rates—down to 6.2%—create an optimal environment for homebuyers.
Additionally, the fall housing market is expected to be less competitive than the busy summer months, with homes sitting on the market longer. August saw listings with price cuts reach a five-year high, giving fall buyers more room to negotiate. More homes are expected to enter the market as mortgage rates continue to dip, providing buyers with additional options.
The Federal Reserve's expected rate cut may further ease financial pressures for buyers, while sellers will need to make their homes stand out in a more balanced market.
Buyers, however, should act soon, as lower mortgage rates and ample housing inventory may push competition higher later in the season. If you’re prepared to make a move, the fall offers a golden opportunity to buy a home at a reduced price, with more time to shop and negotiate deals.
Sources:
Real Estate’s Sluggish Summer Will Give Buyers a Jump in the Fall
The Best Time To Buy a Home in 2024 Is Nearly Here—and Can Save You $14K
Mortgage Rates Plunge to 6.2% in More ‘Forgiving and Flexible’ Housing Market