Best Time To Buy Real Estate

While experts predict a “housing correction” and “a slowdown in the real estate market,” things don’t seem much more accessible for homebuyers in the trenches right now. There still aren’t many homes for sale, and what is on the market is selling quickly—albeit not at the same pace as earlier in the year.

Buyers looking for a break should circle the week of Sept. 25 through Oct. 1 on their calendars. Realtor.com has declared this the best week of the year nationally to purchase a property, as there are traditionally about 8.4% more homes for sale. And as a bonus for buyers, properties have been priced an average of $20,000 less than usual.

Experts agree the best time to purchase a home is the last week of September because, historically, the market is most receptive to buyers during this period. The combination of fewer buyers and increased inventory after the easing of the summer rush contributed to this window of opportunity.

The lack of inventory created a nationwide housing crisis and pushed prices to record highs. The median list price in August is $435,000—a 14% rise from the same month last year, according to Realtor.com data.

However, the market frenzy began dying a little this spring as mortgage interest rates rose and the worst of the pandemic appeared to be over. Higher rates have served as a cap on prices, thinning out the pool of buyers and limiting just how high buyers are willing to go.

And now that school has started, and parents aren’t desperately bidding on properties to get their families settled before classes begin, the market generally calms down even more as there is less competition.

In addition to seasonal trends, the market is rebalancing due to mortgage rate increases. With buyers no longer able to keep up with the price growth, we expect prices to ease even more from their peak.

Despite the higher mortgage rates, the market is becoming more buyer-friendly. The number of homes for sale was up 87.3% in August compared with the beginning of the year, and even more properties are expected to go on the market in the coming weeks. In addition, days on the market increased from an all-time low of 31 in May to a median of 42 in August.

The same week that’s the most favorable to buyers varies geographically. While the first whole week of October is the most advantageous nationally, the week of Sept. 11–17 is best if you are looking in the Los Angeles metropolitan area. The following week, Sept. Last year, the best week to buy nationally was Oct. 3–9. 

For buyers whose priority is lower prices, waiting would be prudent as inventories tend to be higher in early fall but taper off toward the end of the year.