HOUSING

What is the best week of the year to buy a home and why?

Interested in buying a property? According to a study the best time for buyers is coming up very soon.

Rick Wilking

Oli joined the Latest News team in 2021, taking an interest in economics, world news, and articles that build from his study of history. He also dabbles in sports writing, joining the coverage of the last soccer World Cup as well as European Champions League games. He enjoys playing football, electronic music, and painting miniatures.

Update: Sep 19th, 2024 21:15 EDT

The best week of the year to buy a home is the period from 29 September to 5 October. This timing is based on a comprehensive analysis by Realtor.com, which examined various housing market metrics over several years.

The report highlights that this week offers a unique combination of favorable conditions for buyers, making it an optimal time to enter the market.

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Historically, early October sees a significant increase in available homes for sale. This year, inventory is expected to be at its highest level since before the pandemic, with projections indicating up to 37% more listings compared to the start of the year. More options allow buyers to find homes that meet their needs without feeling rushed.

During this week, home prices typically dip below their summer peaks. The report suggests that buyers could save approximately $14,000 on a median-priced home compared to prices during the summer months. This price reduction is attributed to waning demand as families settle into the school year and fewer new listings come onto the market

Demand tends to decrease significantly after the summer peak, with buyer activity historically about 29.5% lower than during peak times. This reduction in competition allows buyers to negotiate better deals and take their time when making decisions.

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The pace at which homes sell slows down during this period, providing buyers with more time to consider their options. Homes are expected to remain on the market longer than they did during the frenetic summer months, allowing for more thoughtful decision-making.

This week also coincides with a peak in price reductions, where around 5.6% of homes typically see their prices lowered. This trend is driven by increased inventory and decreased buyer interest, giving savvy buyers an opportunity to capitalise on reduced prices.

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