Traditionally, spring and summer are the housing market's busiest seasons. Home shoppers tend to arrive as the weather begins to warm and then, as summer fades, the market tends to slow. But that doesn't mean potential buyers should put their plans on hold until next spring. In fact, fall can be among the best times to buy and, according to a new analysis from the National Association of Realtors' consumer website, early October, in particular, could be this year's best time for buyers. Why? Well, for one, mortgage rates have been falling in recent weeks, making affordability levels more manageable.
Danielle Hale, the website's chief economist, says improved inventory is another reason. “Unlike the past few years, we are seeing ample for-sale inventory which could soak up any late-season demand in many markets, making the fall a great time to buy even if falling mortgage rates amp up more demand than is typical,” Hale said. “This year's buyers who are looking for that optimum mix of ample options and the potential to save on list price are going to find some of the best market dynamics in years during the first week of October.”
[Source: PR Newswire]
