This summer, potential homebuyers took advantage of the opportunity to secure affordable mortgages as rates remained historically low (although higher than they were at the start of the pandemic).
But buyers also had to contend with a housing shortage and high prices, which often led to bidding wars in many parts of the country.
The good news is that the buying frenzy may be coming to an end. And a new report from Realtor.com has shown that home buyers could save a substantial amount by buying a home now from the height of the summer buying season.
Here’s what you need to know.
6 simple tips to get a 1.75% mortgage rate
Secure access to The Ascent’s free guide that reveals how to get the lowest mortgage rate on your new home purchase or when refinancing. Rates are still at their lowest for decades, so act today to avoid missing out.
By submitting your email address, you consent to our sending you money advice as well as products and services which we believe may be of interest to you. You can unsubscribe anytime. Please read our privacy statement and terms and conditions.
Future owners could finally take a break from housing prices
According to Realtor.com, the best week to buy a home is the week of October 3-9, 2021.
During this particular week, home buyers could save up to $ 10,000 on the purchase of a mid-priced home compared to the amount they would have paid for a similar home during the summer season.
There are a few main reasons homebuyers could save so much.
- The stock of available housing is growing. In 15 of the last 16 weeks, at least 100,000 new listings have been added to the market. The more homes there are on the market, the less competition there will be for properties. Supply and demand indicate that an influx of new homes available will drive prices down.
- Competition is reduced: Most buyers are looking for a home during the summer, and particularly during the month of July. People often want to buy houses during the summer so that they can move their children in before the school season begins – and thus be able to buy houses and move out as time permits. There could be up to 18% less competition during this current off-season period compared to the summer months.
The good news is, since the best time to buy is October 3-9, home hunters can get ready now and be ready to jump on a property during this prime time for the housing market. . This could mean finding a real estate agent to help you find the right home, as well as going through the mortgage pre-approval process.
Getting pre-approved for a home loan can help buyers budget realistically, so they don’t waste time looking for homes outside of their price range. Buyers with a pre-approval letter are also more likely to get their offer approved because sellers want to know that buyers actually have the funds to follow through.
If you’ve been close to buying a new home and are financially ready to buy, you might want to take advantage of the best week to buy a home and have the chance to save up to $ 10,000 on a typical house. Start preparing now to be ready to buy your perfect home when the time comes.