The best time to buy a home may be just around the corner

The best time to buy a home may be just around the corner

The best time to buy a home may be just around the corner
After a record hot summer in the housing market, homebuyers who struggled to nab a home over the past few months may soon find some relief. According to a new report from Realtor.com, the best time to purchase a home this year will be during the first full week of October. This expert prediction is based on a slowdown in competition during the fall months and the anticipation that more home may be available for sale at that time.

“Buyers who think that now is the time to buy should get ready,” said Realtor.com Chief Economist Danielle Hale. “You’ll get a better-than-average price, more options to choose from, and homes that don’t sell as fast as they did in the heat of the summer.”

An estimated 100,000 new homes could hit the market the week of October 3-9 and are expected to be cheaper than they were over the summer.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.