The best time to buy a house
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Illustration: Aïda Amer/Axios
House hunters, mark your calendars for Oct. 12-18. That week may be your best time to buy.
Why it matters: Shoppers nationwide could find perks including up to 32.6% more homes for sale than at the start of the year, plus prices 3.4% below seasonal peaks, according to a Realtor.com analysis.
State of play: Right now, homebuyers have a bigger buffet of options and greater bargaining power than they've had in years — if they can afford to take the plunge.
- Mortgage rates hovering around 6% and high home prices still sideline many.
What they found: The "best time to buy," per the real estate site, depends on where you live.
- Several major U.S. metro areas, including Houston, Denver and Washington, D.C., match the national October timing.
- The ideal week comes as early as September in metros such as Chicago and Atlanta, and as late as December in Miami and Tampa Bay, Florida.
What they did: Researchers analyzed several years' worth of metrics, including listing prices and inventory levels, to determine the best week to buy a home nationally and in the 50 largest metros.
What we're watching: A 2% drop in mortgage rates is needed to "jump-start the housing market," Eric Teal, chief investment officer at Comerica Wealth Management, wrote in a September note.
- Analysts don't expect mortgage rates to fall much further anytime soon. Fannie Mae forecasts them moving below 6% by the end of next year.
Meanwhile, some homeowners — especially those sitting on low mortgage rates — are in no rush to sell and would rather pull listings than cut prices.
The bottom line: "In a year that's been the most buyer-friendly in nearly a decade, it's the best window of opportunity for homebuyers," Realtor.com chief economist Danielle Hale said in a news release about the upcoming week.
