• 2 months ago
Danielle Hale, Chief Economist at Realtor.com, explains why the falls is the best time to buy a house.

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Transcript
00:00There's a new report from Realtor.com revealing that September 29th through October 5th will
00:06be the best week to buy a home in 2024.
00:10Why is this fall the best time to buy?
00:13Yeah, our research points to this week being the best time to buy because we see buyer
00:18demand dip in the housing market, and that creates an opportunity for buyers who are
00:23flexible with their timelines, and especially those who don't need to sell, like first-time
00:28home buyers.
00:29They can take advantage of the fact that we have lower market demand, about 30% compared
00:34to the peak season, and that tends to usher in softer prices, which are expected to drop
00:39by about $14,000 compared to the peak season, and longer time on market.
00:44So buyers will have more time to make decisions, which is a nice advantage for first-time buyers,
00:49for those who aren't as familiar with the process, gives them more time to make what
00:54is for many the biggest decision in their purchasing life.
00:58So if now is the best time to buy, is there a bad time to buy a home, and why is timing
01:05so important in the housing market?
01:08The housing market has a lot of regular seasonal patterns.
01:11So fall is this time where we see a lot of buyers pull back, and they're not as active
01:16in the housing market, which creates these softer market conditions that we see that
01:20lead to an opportunity for buyers who are flexible and can get into the housing market.
01:25Spring is a time that is more advantageous for sellers because they have a lot of buyers
01:29that are in the housing market early in spring, and sellers tend to come to the market a little
01:34bit later in spring.
01:36So spring can be very competitive for home shoppers and is a little bit more challenging,
01:41but it does have some advantages.
01:43There are generally more options available, and for those who are trying to buy and sell
01:47at the same time, there's a lot more activity that can make it easier to accomplish both
01:51of those goals in a short timeframe.
01:53So fall is the best time to buy, especially for those who are focused only on buying and
01:57don't have any selling to consider, and the fact that we're seeing mortgage rates ease
02:02over the last few weeks, thanks to the Fed's big rate cut, is just icing on the cake, a
02:08nice bonus to improve affordability conditions as we head into this best time to buy.

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