When is the best time of year to buy a home
When it comes to making the biggest purchase of your life, timing is everything. As a home buyer, you must find the right balance between the market conditions, inventory, interest rates, and your personal finances. Thus, it’s essential to know when is the best time to buy a home. According to Realtor.com, that time is now, specifically the first week of October. In this blog post, we’ll dive deeper into why this week is favorable for homebuyers, how you can prepare, and what factors you should consider before making the call.
Here are some reasons why the first week of October is the best time to buy a home:
More inventory: As summer ends, the market cools off, and sellers who missed the peak selling season are eager to sell. This results in an increase in the inventory of homes available for sale. Typically, the number of homes listed for sale in October is 17% higher than the rest of the year, according to Realtor.com. More inventory means more options, less competition, and more bargaining power for you.
Less competition: With fewer buyers in the market, the competition for homes is relatively low. This allows you to take your time, make a more informed decision, and negotiate a better price and terms.
Favorable market conditions: According to Realtor.com, the first week of October offers a balanced mix of market conditions that favor homebuyers. Mortgage rates are what they are, the housing market is stable, and sales activity is slowing. This means that home prices are likely to be more affordable.
Savings: According to Realtor.com, buyers who purchase a home during the first week of October may save over $15,000 compared to peak summer months. This savings can be used towards your down payment, closing costs, home improvements, or furnishings.
Buying a home is a significant investment that requires careful planning, budgeting, and decision-making. By purchasing in October, you have enough time to get pre-approved for a mortgage, conduct home inspections and appraisals, negotiate with the seller, and finalize the paperwork before the holiday season kicks in.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.