It is general knowledge that spring time is home selling season, but the best time to buy a house can change from year to year. According to a report from Realtor.com published Wednesday, in 2022, the best week to buy a house is from September 25 to October 1.
Many in the industry view fall as “off season” for the housing market, which offers opportunistic buyers many favorable factors including more listing, less competition, and lower prices.
According to Realtor.com, those who buy during this week can expect more than 6% of homes with reduced prices, savings of more than $20,000 on average, approximately 46% more homes to choose from as compared to the average week to date, extra time to make buying decision with homes expected to stay on the market 15 days longer than summer’s peak, and less competition as as demand during the best week to buy is historically 26.9% lower than the yearly peak week and 8.5% lower than the average week.
As many prospective homebuyers have faced a multitude of challenges over the past year, from intense competition to limited inventory, as well as rising mortgage rates and record high home prices, they may be looking for any advantage they can get.
“If you’re flexible on your timing and can budget for higher rates, early fall can be a great time to secure a home, with a number of factors aligning to make it the best time of the year both in terms of price and competition,” Danielle Hale, the chief economist at Realtor.com, said in a statement. “This is especially true for first-time buyers and others who are not trying to sell a home at the same time as their purchase.”
On the other end of the homeownership lifecycle, a Thursday in late April is the best time to list a home, as home seller can expect to sell their property for 2.8% more than other times of the year.