The First Week of October Can Save Home Buyers Thousands

Hey home buyers, we want to let you in on a little secret. If you’ve been on the fence about putting in an offer, we recommend going for it in the first week of October.

Nationally, it’s the BEST time to buy a home - The real estate market tends to be most favorable to buyers from September 29 through October 5. Historically, this has been true, and even more so this year with inflation cooling, inventory up, and mortgage rates trending down.

1. Lower Rates: With the Federal Reserve's recent 50 basis point rate cut, 2024 might just be your golden ticket to snagging lower mortgage rates! Mortgage rates have already eased up as the 30-year mortgage rate sits at an average of 6.13%, a 17% decrease from the same time last year. Lower rates mean lighter monthly payments and reduced loan costs—who doesn’t love that?
   
   
2. More Inventory: Inventory is up 33.2% compared to last year, marking 46 straight weeks of year-over-year growth. That's 14% more choices compared to an average week, giving you the chance to find that perfect property.
   
   
3. Fewer Bidding Wars: It’s no secret that spring and summer are prime time to buy a home. With the school year ending and the weather changing for the better, these seasons are optimal for moving. This means more offers and greater competition in the market! Luckily, between September 29 and October 5, demand will be 29.5% lower than the peak market.
   
   
4. (Slightly) Better Affordability:  Many buyers have felt the pinch of rising prices in the housing market, and it’s easy to see why. However, as of August 2024, there’s a ray of hope! The median sales price of existing homes in the U.S. has dipped to $416,700 from $426,900 in June, making it easier for first-time buyers to step into the market and seize their dream homes.

Besides the better odds associated with the best buying week of the year, there are other ways to boost your buying power in the fall!

First, take advantage of end of the season sales for any larger items for your new home (think lawncare). Heading into fall, the prices of items such as lawnmowers and patio furniture will be reduced. Look ahead to Black Friday as well, for home purchases like televisions, furniture, and kitchenware.

You may wonder how that will help you save on a home but stay with us here. A lot of home buyers (especially first-time home buyers) don’t have the items needed to fill a new space. Buying them on sale (or better yet, second hand if possible) can keep you on budget and allow for more savings toward your down payment.

Next, focus on your home inspection. There are red flags to look for in any home, but they can be easier to spot during seasonal transitions. Something that may be missed on a perfect summer day (like flood damage) can be caught more easily on a rainy Thursday in the fall! Issues like structural damage can lead to costly repairs, which can affect your budget and the value of your home. Stop any problems before they start by getting a thorough home inspection before buying.

Last, but certainly not least, our most important way to get the most bang for your buck when buying… working with a Home Loan Specialist you TRUST. After all, buying a home is one of the biggest investments you’ll ever make. The company you choose as a mortgage lender should be helping you build wealth through homeownership. Here’s how the team at Churchill does just that:

• We build a relationship with you. We believe in people over profits, and your life plan matters to us. So, whether you’re buying your first home, retiring, or investing in real estate, we want to understand your unique goals and get you on a smarter mortgage plan to help achieve them.
  
  
• We consider your budget, lifestyle, short-and long-term goals before getting into any mortgage options with you. Once we know what you’re comfortable spending, and where you are in the home buying process, we will help set you up for success.
  
  
• We offer our Home Buyer Edge program to help make the home buying process as simple and stress-free as possible. This Churchill exclusive program includes:

1. 1. Churchill Certified Home Buyer: Setting you up much like a cash buyer, this is considered the gold standard of pre-approvals. Not only does it do most of the underwriting up front, but it also makes your offer more attractive to sellers.
   2. Rate Secured: Lock in your interest rate for up to 90 days while you search for your new home with no worries.
   3. $10,000 Seller Guarantee: If your purchase falls through for issues related to financing, we will give the seller $10,000 (in addition to the earnest money).

As we head into October, now is the perfect time to take advantage of this unique opportunity in the housing market. With favorable conditions aligning—lower mortgage rates, increased inventory, and reduced competition—buying a home during this peak week can significantly enhance your chances of securing your dream property.

But remember, the market is still evolving, and each buyer’s journey is different. If you're feeling uncertain or simply want to explore your options, don't hesitate to reach out. Not sure if you're ready to buy? Take our quiz for your free Readiness Report!

The Churchill Certified Home Buyer program is not a commitment to lend funds and is not an approval but is a conditional approval subject to your acceptance of the terms and the conditions being fully satisfied prior to closing. All conditions are subject to final underwriting and final investor approval. The certification is subject to the financial status and credit report(s) of everyone on the application remaining substantially the same until closing, an acceptable contract of sale on a suitable property, collateral (the appraisal, title, survey, condition, and insurance) satisfies the requirements of the lender and loan selected is still available in the market. All closing conditions of the lender must be satisfied including the clear transfer of the title, acceptable and adequate title and hazard insurance, flood certification, and any inspections that are required by the real estate contract.

Rate Secured is available on 30-year conventional conforming and high-balance fixed-rate loans. Rate Secured is not available on investment property home loans.

Seller Guarantee is for qualifying borrowers and select loan types only and are not available in all states or locations. Offer only valid on home loans closing on or before December 31st, 2024

Source: https://www.realtor.com/research/best-time-to-buy-2024/