POST TAGSMortgage News
Blog posted On September 27, 2022
Have you been waiting for the perfect time to buy a home? The wait is up! A recent study by Realtor.com found that the week of September 25 to October 1 is the best week of the year to purchase a home – based on ideal market conditions like lower prices, more options and reduced competition.
Buyers could save more than $20,000
Today, the Case-Shiller home price index released data showing that home prices saw a monthly decline for the first time in two years. While home prices are still elevated, they are sharply cooling at the fastest rate in the history of the Case-Shiller index. “[Realtor.com] also expects that people who buy that week will save more than $20,000 on a median-priced home compared to those who bought during the peak of the market this summer, when a median-priced home cost $450,000,” writes Sarah Henson of Money.com.
Nearly 50% more listings could be on the market
Realtor.com also estimates that buyers could see nearly 50% more active listings this week, when compared to the rest of 2022. This gives you many more options than the peak home buying season of the year.
Demand is set to be about 8.5% lower
Fewer buyers on the market means less competition, fewer bidding wars, lower prices, and more options. It also means more time to decide on your home.
Most of these changes can be attributed to seasonal factors. When kids return to school, people are less likely to move. Additionally, the weather is cooling, which could mean more leaves and decreased curb appeal. Is now the best time to buy a house? There are many beneficial factors to browsing for a home this week, but it ultimately has to be the right time for you. If you’re not in a financially sound period of life, then it might not be the right decision. However, if you’re curious about buying now, you can always reach out – we have plenty of mortgage options to meet every buyer’s needs.