Sidelined potential homebuyers can find some relief in the news that the optimal time to purchase a home is yet to come.  Of course, we never recommend trying to time the market.  The time to buy is when you can afford it and when it makes sense for you.   

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Based on various factors such as list prices, inventory levels, new listings, homebuyer demand, and price reductions observed in 2018, 2019, 2021, and 2022, prospective homebuyers can anticipate the most favorable deals during the period of October 1st to 7th, according to the real estate website.

Hannah Jones, a senior economic research analyst at Realtor.com, expressed, "Ideally, during this week, buyers can expect a wider selection of homes at prices lower than peak levels. They will face less competition from other buyers and have a bit more time for consideration."

Moreover, Realtor.com projects an 18.9% increase in new listings and a 17% rise in total active listings in the initial week of October. Additionally, it predicts that typical buyers could save more than $15,000 if prices align with the expected decline from their summertime highs.

While higher interest rates may still pose challenges for some potential buyers, they are expected to reduce overall market competition during the autumn season.

Many prospective buyers with interest rates below 4% on their current homes are stepping back from the market, which reduces competition you may face for a new listing.

Furthermore, families with children are less likely to relocate in the fall due to school considerations, further reducing competition.

In general, we are no longer witnessing a high volume of multiple offers and significantly over-asking price offers. Therefore, this October presents an excellent opportunity for homebuyers.