The housing market thus far this year has been a slow one, with affordability woes holding back a market with much pent-up demand. With all of the challenges facing buyers persisting even as rates have begun to slide, the best week to buy a home is on the horizon — and Realtor.com has apparently zeroed in on when exactly it is.
According to the real estate website, the week of Sept. 29 to Oct. 5 is the best week to buy a home this year, historically offering a “balanced mix of market conditions that favor buyers relative to the rest of the year,” as long as buyers can shop with a little bit of flexibility. Per Realtor.com’s data, there will be 37% more homes for sale during the “peak week” than at the start of the year, along with 29.5% less competition from other buyers.
More inventory and less competition generally equates to savings, and in this case, there will be $14,000 in projected savings per buyer compared to the summer’s peak price.
It’s a seasonal pattern that’s partially been driven by school schedules. Families generally hope to move in late spring and summer, while kids are out of class and factoring in enough time to settle in before having to consider the back-to-school rush.
“This critical mass of families prioritizing home search decisions around top-rated schools and the school calendar combined with warmer weather that makes home showings and inspections easier to conduct and foliage that enhances the curb appeal of many homes leads to a predictable surge in activity,” Realtor.com economists Hannah Jones and Danielle Hale wrote on the company’s blog. “Then 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.”
The pair noted that more buyers could stay in the market longer this week as potential house hunters hold back in anticipation of the promise of lower rates. But in many markets, especially within the Sun Belt, there is sufficient for-sale inventory to soak up the offseason demand, keeping “peak week” peak even amid higher competition.
And according to Jones and Hale, if buyers miss out on buying during peak week specifically, there’s still time to pounce if they act fast.
“If the best week seems like it is approaching too quickly, buyers might be happy to hear that the following two weeks are the second and third best weeks to buy. These weeks boast many of the same benefits as the best week, but are just slightly less favorable due to falling new listing activity,” they said.
