Whether a first-time homeowner or a veteran looking for new digs, figuring out the best time to a buy a house is often top of mind for many looking to purchase real estate. Though most are familiar with the regular pendulum swing between a buyerâs and sellerâs market, according to Realtor.com, a one-week window this fall is expected to be the most opportune time to purchase throughout the whole year. So mark your calendars for September 29 through October 5. âThis week boasts the culmination of market factors that favor buying over every other week of the year,â the report reads.
To analyze the data, the real estate company looked at six factors: listing prices, inventory, the number of new listings, time on the market, demand from homebuyers, and price reductions. Each factor is scored on a scale of 0 to 100 and based on historic data and anticipated trends. A week with more active listing will score higher in the category compared to one with less, and so on for each category. Each weekâs six scores are then averaged, and âthe week with the highest overall score is considered the best time,â the report states.
Why is early October the best time to buy a house?
To understand why September 29 through October 5 is such a compelling week to buy a home, itâs important to review seasonal market trends. Historically, summer tends to be peak season for real estate transactions, so for buyers, early October benefits from waning demand, lower prices, and an overall slower market pace. This trend often has to do with school schedulesâmany families who want to move do so when kids are out of classes, especially those looking to buy in districts with high-quality schools. The agreeable weather also makes showings and inspections easier to conduct and foliage in full bloom adds to curb appeal. âThen as the year transitions to fall and more families bow out due to the school schedule, demand wanes and prices dip to post-peak levels as leftover inventory stays on the market,â the report explains.
According to the analysis, an increase in active listings also offers favorable conditions for buyers (inventory is up 37% compared to the previous year, although this is still below pre-pandemic levels). Buyersâ patience also contributesâmany people are waiting to see if mortgage rates decrease further following anticipated fed activity. Together, all of this means buyers could âsave over $14,000 during this week compared with the summer peak for a median-priced home of $445,000,â the report reads.
