The past few years have been tough for buyers. And for a long time, spring was considered the ideal window to shop for a home.
This fall, however, market conditions are aligning in favor of homebuyers in a way that has not happened in recent years. Realtor.com named September 29 through October 5 the best week to buy a home in 2024.
Four Reasons Fall 2024 Favors Buyers
1. Lower Mortgage Rates
After months of steady climbs, mortgage rates have recently dipped to their lowest levels in over a year. Lower rates translate directly into more purchasing power and lower monthly payments on the same home.
2. More Inventory
Inventory levels have been rising throughout 2024. More homes on the market means more options and less pressure to make hasty decisions.
3. Less Competition
Fall and winter typically see fewer buyers compared to the spring peak. This reduction in competition can give you a leg up in negotiations — whether that means offering below asking or asking the seller to cover closing costs.
4. Price Reductions Are More Common
In August, 25.9% of listings experienced price cuts nationwide, compared to 23.4% a year ago. The number of homes sold above list price dropped from 33% last year to just 27.9%.
"This fall presents a rare combination of lower mortgage rates, more inventory, reduced competition, and increased negotiating power."
Waiting until spring means waiting for more competition to return — and potentially higher prices along with it. If you have been thinking about buying, this window is worth a serious look.
Thinking about buying before the end of the year?
The fall window is real and the math backs it up. Let's look at what's available in your target neighborhoods and what a strong offer looks like right now.