The First Week in October Is Prime Time for Homebuying
The first week of October historically offers the most favorable conditions for homebuyers, with more listings, less competition, and lower prices compared with the rest of the year, the National Association of Realtors reports. While mortgage rates are at a 23-year high and affordability constraints persist, this week may provide some advantages to buyers.
A recent Realtor.com study outlines an anticipated 17% increase in active listings this week compared with the beginning of the year, potentially saving buyers more than $15,000 compared with summer peak prices. However, limited inventory remains a challenge in many markets.
The realtor.com study notes that homes tend to have price reductions Oct. 1–7, typically falling 3.3% compared to the typical season high. Plus, “in several of the largest housing markets around the country, home prices during the ‘best week to buy’ can dip more than 10% below their peak price earlier in the year, potentially saving buyers tens of thousands of dollars,” researchers say.