The housing market has been crazy, but things are starting to settle down. While money expert Clark Howard does not predict a crash, prices are slowly falling, and inventory is growing.
So things are starting to look up for buyers. If you’re looking to buy a home in 2022, there’s a new report that shows the best week of the year to do it. And it’s right around the corner.
September Is the Best Time To Buy a Home
According to a report from the online home database Realtor.com, the week of September 25 through October 1 is the best week to buy a home. This is due to three factors:
- High inventory: The report says that we can expect 46% more active listings during this week than the average week so far this year.
- Less demand: Realtor.com predicts that competition from other buyers will be nearly 27% lower than during the spring and summer buying season this year.
- Low prices: The data suggests that buyers can save $20,000 by purchasing a home during the last week in September when compared to peak (spring and summer) levels.
To collect the data, Realtor.com analyzed six factors from 2018-2021 (skipping 2020): listing prices, inventory levels, new “fresh” listings, time on the market, homebuyer demand and price reductions. Interest rates were not taken into account.
You can read the full report here.
Should You Buy a Home Right Now?
Clark says the only reason to buy a home right now is that you want to live in one. While prices are slowing, mortgage rates are climbing which can potentially negate the savings of your purchase price.
If you’re ready to buy, this report says it’s a good time to do it. But make sure you keep an eye on mortgage rates and never buy more house than you can afford. This guide walks you through the steps to take to buy a home.
