A new report from Realtor.com reveals the sweet spot for buying a house this year: the week between September 29th and October 5th. Danielle Hale, Chief Economist, Realtor.com joined TheStreet to discuss why this is the best time to buy.
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Full Video Transcript Below:
CONWAY GITTENS: So there's a new report from Realtor.com revealing that September 29 through October 5th will be the best week to buy a home in 2024. Why is this fall the best time to buy?
DANIELLE HALE: Yeah our research points to this week being the best time to buy because we see buyer demand dip in the housing market and that creates an opportunity for buyers who are flexible with their timelines and especially those who don't need to sell like first time home buyers. They can take advantage of the fact that we have lower market demand, about 30% compared to the peak season, and that tends to usher in softer prices, which are expected to drop by about $14,000 compared to the peak season and longer time on market. So buyers will have more time to make decisions, which is a nice advantage for first time buyers or those who aren't as familiar with the process gives them more time to make what is for many, the biggest decision in their purchasing life.
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CONWAY GITTENS: So if now is the best time to buy, is there a bad time to buy a home? And why is timing so important in the housing market?
DANIELLE HALE: The housing market has a lot of regular seasonal patterns. So fall is this time where we see a lot of buyers pull back and they're not as active in the housing market, which creates a softer market conditions that we see that lead to an opportunity for buyers who are flexible and can get into the housing market. Spring is a time that is more advantageous for sellers because they have a lot of buyers that are in the housing market early in spring, and sellers tend to come to the market a little bit later in spring. So spring can be very competitive for home shoppers and is a little bit more challenging.
But it does have some advantages that are generally more options available. And for those who are trying to buy and sell at the same time, there's a lot more activity that can make it easier to accomplish both of those goals in a short time frame. So fall is the best time to buy, especially for those who are focused only on buying and don't have any selling to consider. And the fact that we're seeing mortgage rates ease over the last few weeks. Thanks to the Fed's big rate cut is just icing on the cake. A nice bonus to improve affordability conditions as we head into this best time to buy.
