According to Realtor.com, the best time to buy a home in 2021 will be the week of October 3rd. This is based on multiple factors and listing data that has been compiled since 2018. Here are some of the key factors that make buying in October a great choice:
Every fall there is a seasonal slow down, driven partly by the start of the school year. Home sales soar throughout the summer and tend to peak at the beginning of August. This means that some buyers will actually bow out of the market due to schedules, activities and school. Less buyers means slightly less competition for active homebuyers.
Housing inventory is also slowly starting to climb while the mortgage rates are holding steady at historically low rates. There are more homes available and you can still take advantage of low mortgage rates, potentially saving you thousands of dollars throughout the life of your loan! While homes are typically still selling for higher prices than they would have a year ago, the consistently low mortgage rates mean you can still get a great deal.
With the buyer pool decreasing, inventory increasing and mortgage rates holding steady, this fall is poised to be a great time to purchase your next home!