Housing News

The Best Time to Buy a Home May Be Right Now

It appears there may be an answer to the eternal question of "When is the best time to buy a home?" As it turns out, the answer may be right now.

According to a new analysis of the housing market conducted by Realtor.com, the best time to buy a home nationwide is between September 12 and October 17, otherwise known as right now.

As for what makes the next month the best time to buy, Realtor.com said that the "majority" of the major housing markets in the U.S. will see more homes for sale, lower prices, and less competition for homes than the average week of the year.

When the official "best time to buy" varies by market, but there are a handful of markets where the best time to buy is right now: New York, Boston, Denver, Minneapolis, and Portland.

Meanwhile, the best time to buy will be in early October in 18 of the top 50 markets.

According to the report, those who buy a home during their market's best time to buy will see 31% more listings than the typical week, on average. Beyond that, buyers during that time will have 18% less competition from other buyers and could see prices that are $10,000 lower than their seasonal high.

During this time of year, homebuyer demand typically begins to decline a bit as many buyers hit the pause button on their home search as their children return to school.

"Home prices peaked in the summer, and new listings continue to come on the market helping slow the pace of sales—which is good news for homebuyers," Realtor.com Chief Economist Danielle Hale said. "As families across the country focus on getting back into school routines, there are fewer buyers in the market, creating a great opportunity especially for first-time homebuyers to purchase with somewhat less competition."

In many of those top 50 markets, active listings are expected to increase as the calendar moves closer to October, giving buyers more choices when searching for their new home.

Adding it all up leaves prospective homebuyers looking at an opportune time to buy a home.