The housing market is shifting this season, creating an exciting opportunity for homebuyers. If you’ve been holding off on your search, now might be the best time to buy a home and to dive back in. In fact, the ideal window to buy a home in 2024 is right around the corner, and San Diego is no exception. The sweet spot for buyers is fast approaching.
Why Late September Is the Best Time to Buy
According to experts at Realtor.com, studying seasonal trends reveals the best week for homebuyers:
“Nationally, the best time to buy in 2024 is the week of Sept. 29–Oct. 5. This week historically has shown the best balance of market conditions that favor buyers. Inventory tends to be high, prices are below peak levels, demand is waning, and the pace of the market slows to a more manageable speed.”
For San Diego buyers, this means more options on the market, slightly lower prices than the summer peak, and less competition. The fall season often brings a calmer pace, making it easier to find your dream home in San Diego’s diverse neighborhoods.
Mortgage Rates at Their Lowest in 19 Months
In addition to the typical seasonality and historical trends Realtor.com analyzes, current market data also suggests that buying conditions right now are more favorable than they have been in recent years and how now is the best time to buy a home. San Diego buyers, in particular, can benefit from these changing conditions.
Recently, mortgage rates dropped to their lowest level in the past 19 months, significantly improving affordability and boosting your purchasing power. Andy Walden from Intercontinental Exchange Inc. (ICE) highlights this shift, saying:
“Recent easing in mortgage rates brought some much-sought relief to prospective homebuyers. Along with a general cooling in home price growth, rates falling below 6.5 percent made August the most affordable month for housing since February.”
San Diego’s market, known for its competitive edge, is now offering a unique window of opportunity for buyers to take advantage of these improved conditions.
Increased Inventory Equals More Options in San Diego
Ralph McLaughlin, a Senior Economist at Realtor.com, points out that it’s not only mortgage rates that have seen positive changes but also the number of homes available. He mentions,
“The number of homes actively for sale continues to be elevated compared with last year, growing by 35.8%, a 10th straight month of growth, and now sits at the highest since May 2020.”
In San Diego, this increase in inventory gives buyers more options, especially in neighborhoods like North Park and South Park, where homes have been in high demand. This improved market condition could be a great opportunity for those looking to find their dream home in San Diego.
This time of year opens up more opportunities for you as a buyer. Right now, sellers are actively competing for your interest, making them more willing to negotiate on price and terms. They understand that if they don’t make their homes attractive to buyers, their properties may sit on the market longer than they would like. In San Diego, where the market can be competitive year-round, this shift gives buyers a better opportunity than in the past few years.
“Buyers waiting on the sidelines could find that early fall presents a ‘sweet spot,’ where there’s less competition from other buyers, more motivated sellers and lower interest rates to finance their purchases.”
Final Thoughts on the Best Time to Buy a Home in San Diego This Year
If you’re looking to make the most of this prime opportunity, now is the time to start preparing. Connect with the McT Real Estate Group so we can get everything in order and put you in the best position to buy in San Diego’s competitive market. It might just be the perfect moment to step off the sidelines and dive into the exciting world of San Diego real estate.
Credit Score to Buy a Home in San Diego