Some Home Buyers Could Save Up to $10,000 if They Purchase a Home Now

Don't pass up on the opportunity to save money on a home purchase.

This summer, would-be home buyers benefited from the opportunity to obtain affordable mortgage loans as rates remained historically low (albeit higher than they were during the early days of the pandemic).

But buyers also had to contend with a shortage of housing inventory and high home prices, which often led to bidding wars in many parts of the country.

The good news is the buying frenzy may be coming to an end. And a new report from Realtor.com showed that home buyers could save a substantial amount by purchasing a home now compared with during the heart of the summer buying season.

Here's what you need to know.

Prospective homeowners could finally get a break on housing prices

According to Realtor.com, the single best week to buy a home is the week of Oct. 3 to Oct. 9, 2021.

During this particular week, home buyers could save up to $10,000 on the purchase of a median-price home compared with the amount they would have paid for a similar house during the summer season.

There are a few key reasons why home buyers could see so much savings.

• The inventory of available homes is growing. During 15 of the past 16 weeks, at least 100,000 new listings were added to the market. The more homes that come on the market, the less competition there will be for properties. Supply and demand says that an influx of new houses available will drive prices down.
• Competition is reduced: Most buyers look for a house during the summer, and particularly during the month of July. People often want to buy homes during the summer so they can get their children settled before the school season begins -- and so they can shop for houses and move while the weather is good. There could be as much as 18% less competition during this current off-season time as compared with during the summer months.

The good news is, since the best time to buy is Oct. 3 to Oct. 9, people who are looking for homes can get ready now and be prepared to jump on a property during this sweet spot for the housing market. This could mean finding a real estate agent to help search for the right home, as well as going through the process of mortgage pre-approval.

Getting pre-approved for a home loan can help buyers settle on a realistic budget, so they don't waste time looking for houses outside of their price range. Buyers with a pre-approval letter are also more likely to get their offer approved because sellers want to know that buyers actually have the funds to follow through.

If you've been on the fence about a new home purchase and you are financially ready to buy, you may want to take advantage of the best week to buy a house -- and the chance to save up to $10,000 on a typical home. Start preparing now so you're ready to purchase your perfect property when the time comes.