If you’re planning to buy a home this fall, but high mortgage rates, high home prices and lack of homes for sale have you discouraged, we have good news for you. According to Realtor.com, the best week to buy a home in 2023 will be Oct. 1-7.
During this seven-day period, homebuyers can expect to save more than $15,000 when compared with the summer peak home buying season for a median-priced home of $445,000. Also, purchasing a home in the fall versus the summer gives you more time to deliberate your purchase since there is less competition from other buyers.
In addition to your potential savings, buyers should see nearly 19% of new listings come on the market compared with the start of the year, according to a Realtor.com analysis of historical trends. This will result in a 17% boost to the total number of homes for sale (new listings and homes that have been on the market for a while).
How was this Determined?
A variety of housing metrics were examined by Realtor.com including list prices, inventory levels, new listings, days on the market, homebuyer demand, and price reductions in 2018, 2019, 2021, 2022 and year-to-date 2023 (2020 was excluded due to the COVID-19 pandemic anomalies).
Buy Mortgage Payment, Not Interest Rate
Although rates have risen from 3% to 7%, buyers normally don’t buy rates, they buy the mortgage payment. Buyers cannot control rates, but they can control their mortgage payment. A few ways to minimize your mortgage payment is by purchasing a lower-priced home or making a larger down payment to decrease your loan. A good mortgage consultant such as those at Prosperity Home Mortgage can get you prequalified and provide details on how much mortgage payment you can afford.
Less Competition in October
Whether it’s higher interest rates or the season, in general, agents are reporting that homes are not getting multiple offers, nor offers that are dramatically over asking price – making this October a great time to buy.
Long & Foster to Host Open House Weekend
Long & Foster Real Estate will host a company-wide open house weekend on Oct. 7 and 8. The event will provide an opportunity for homebuyers across the Mid-Atlantic and Northeast region to explore numerous properties that are available for sale in their communities.
Find open houses at LongandFoster.com/openhouses.
If you’re thinking about buying or selling a home, a Long & Foster agent can help guide you through the process. To find a Long & Foster agent in your area, visit LongandFoster.com.