Is Now the Best Time to Buy in 2024?

Is Now the Best Time to Buy in 2024?

Fall is typically a quiet period for real estate but as we transition into this fall, we could see a shift in the market. Historically, home tours peak in the spring, but with interest rates set to drop in the coming months, experts are predicting we might see buyers and sellers act sooner. This year could bring a unique inversion with buyers actively shopping as mortgage rates hit their lowest levels since May 2023.

• The average 30-year mortgage rate hit a 52-week low today, at 6.27%.

• Buyer traffic is down -1.3% compared to the first week of the year, according to ShowingTime®.

• New Inventory: 103 single-family homes have been listed in Westchester since 9/1. In comparison, a total of 318 were listed in the month of August.

Ralph’s Take

While it’s still a seller’s market, growing inventory, lower competition, and more affordable financing are all promising signs. Get prepared by understanding local trends, setting a budget, and getting pre-approved for a mortgage. Having your paperwork ready will streamline the process and make your offer more appealing to sellers. Finally, partnering with an experienced agent can give you an edge in this competitive market. If you need anything, we’re here!