Best Week to Buy a Home Offers Potential Savings of $14,000
Homebuyers may find significant savings and less competition during a specific week in late September and early October, according to Realtor.com.
Homebuyers are poised to benefit from a historically favorable period for purchasing property, potentially saving thousands of dollars and experiencing reduced competition. Realtor.com's latest report identifies the week of September 27 to October 3 as a prime opportunity.
Senior Economist Hannah Jones noted that this period offers an advantage not seen in recent years, with increased inventory and less urgency for buyers. The report indicates that during this week, active listings are expected to rise by 13% compared to average, while demand drops by 32% from its peak. Homes are also likely to stay on the market longer, averaging an additional 13 days.
List prices are projected to decrease by 3.5% from their seasonal highs. For a median-priced home around $416,000, this could translate to savings of up to $14,000. Additionally, seller price reductions are more common during this time, further enhancing buyer opportunities. The available inventory is expected to be 20% higher than in the slower early months of the year.
Jones advises buyers to approach this window strategically. While shopping earlier in the fall may offer a wider selection of new listings, waiting later in the season could provide additional price flexibility. Although this trend is national, local market conditions and climate can influence the optimal buying week in different cities.