The BEST time of the year to buy your home
(as of 9-22-2022)

Nationally, the best time to buy a home is the week of September 25 – October 1.  


Adjusting for both the seasonal and 2022-specific market shift, the last week in September may see up to 46% more active listings than this year’s average so far. 

Buyers are poised to save over $20,000 during this week compared to the summer peak for a median priced home of $450,000.


This seasonal slowdown is partly driven by school schedules and weather patterns. Housing market activity begins in earnest in spring and peaks in summer as families hoping to move while kids are out of class look to close on a home with enough time to settle in before the back to school rush. 

 

Early fall is generally the sweet spot for buyers who can capitalize on that confluence of factors to have a wider variety of options at a more reasonable price. 


High prices, climbing mortgage rates and inflation reaching near-historic levels put a dent in potential buyers’ pocketbooks. As a result, the market finally started to show signs of returning to balance and in May 2022, inventory started the trek towards recovery, growing compared to the previous year for the first time since June 2019.


The last few months have signaled that relief may be on the horizon for buyers, especially as the season quickly approaches the best time to buy — the time of year when the balance of market conditions tends to favor buyers the most.


The typical seasonal trend coupled with the already cooling market will play in the favor of persistent, informed buyers who are ready to purchase.

The major factor keeping inventory high is the mortgage rate trend. Last year, buyers were able to keep up with rising prices by taking advantage of low mortgage rates. 

Now that rates have climbed, reaching more than 200 basis points higher than the previous year since late April, some buyers are no longer able to keep up. 

As a result, fewer buyers in the market means more active inventory.

Less Competition From Other Buyers due to holiday preparations for a family gathering.


The best week also represents one of the peak weeks for price reductions throughout the year, more than 6.0% of homes with reduced prices.

 This year, the number of buyers leaving the market is much higher than in the past few years, meaning even more sellers may reduce their home price to draw buyer attention. 


Though new homes continue to enter the market, they add to the already-increasing back-stock of homes that haven’t yet sold at that point in the year. This means more competition among sellers for the dwindling number of buyers, which leads to price reductions for sellers hoping to sell before year-end. 

#TimeToBuy is now!

Happy home buying, I am here to help!


{Source Realtor.com }