If you’ve been waiting to buy, good news! Data shows that the week of October 1–7 is the sweet spot.
Next month, buyers grappling with soaring mortgage rates, high home prices, and low inventory may find some relief. According to industry data, the first week of October is a buyer’s best bet. In this seven-day window, buyers could save over $15,000 compared to summer peak prices. A week of great deals awaits!
Senior economic research analyst Hannah Jones explains, “Ideally, this week will offer buyers more options at lower-than-peak prices, as well as less competition from other buyers and slightly more time to deliberate.”
Buyers can expect big savings and more new listings from October 1-7. Data predicts an 18.9% increase in new listings this week compared to the year’s beginning, adding 17% more homes for sale. The prediction comes from studying housing factors like list prices, inventory, and price changes in previous years (excluding 2020 due to it being an atypical year). 2023’s weekly housing data was also considered.
Unfortunately, the best week to buy can’t help with high mortgage rates. Two years ago, rates were around 3%, but now they’re at a 22-year high of 7.23%. Per Freddie Mac, for the week ending September 7, the rate for a 30-year fixed-rate mortgage was 7.12%.
However, October still presents a great buying opportunity. High interest rates discourage competition from other buyers, including those looking to trade up or downsize. Buyers with sub-4% loans on their current homes are staying put because they don’t want to trade a great rate for a high one. Also, families with school-age children are also less likely to move during this time.
In conclusion, the first week of October is a buyer sweet spot! Don’t miss your opportunity. To act now so you’re prepared when October begins, visit SurterreProperties.com today.
