The Best Week to Buy a Home in Houston REVEALED
Are you planning to buy a home in the Katy or Houston area in 2024? Timing can be everything! If you’re looking for more options and the best chance to negotiate, then you need to know the most strategic time to buy in the Houston, Katy, and Fulshear real estate markets.
Read on for expert market timing tips or watch the video for your 1-minute recap. Let’s look at:
- The best week to buy in Houston: Maximize your options and savings during this optimal window.
- Mortgage rates update: Learn how recent drops can boost your buying power.
- Local market insights: Discover when you’ll find the most inventory and lowest prices in Houston.
- Exclusive savings tips: How you could save up to $29,000 on your dream home.
- FAQs answered: Get the expert advice you need to make informed decisions in the Houston market.
The Best Time to Buy a Home in Houston in 2024
According to Realtor.com, the best week to buy in Houston is slightly later than the national average: October 27th to November 2nd. This week offers a perfect storm of more listings, fewer buyers, and more competitive prices. Typically, you’ll find 37% more listings compared to the start of the year, which means more variety and less pressure to overpay.
Timing for Your Specific Needs: More Options vs. Paying Less
More Homes to Choose From: Houston-specific data shows that the best time for having more options is in October, when the Houston area housing inventory reaches its peak.
Paying Less: For those looking to save money, January is the ideal month to get the lowest prices—homes listed in January are priced on average $29,000 less than those listed in June. However, January is also the month with the least amount of inventory.
The key here is choosing your window based on your goals. Do you need help deciphering your perfect timing based on your unique circumstances? Contact me at 832.594.1265 or [email protected] for a tailored look.
Why is This Week the Best to Buy a House in the Houston and Katy Areas?
From October 27th to November 2nd, you’ll find a sweet spot where homes linger a bit longer on the market, giving buyers more negotiating power. Fewer buyers mean less competition and lower chances of bidding wars, while still enjoying a decent selection of homes to choose from.
Plus, mortgage rates are favorable. Rates have dropped to their lowest point since February 2023, making your money stretch further and increasing your overall buying power.
Local Houston Market Insights:
- Most inventory: October is historically the month with the most available homes in Houston.
- Best time for lowest prices: January is typically the best month for finding homes at lower listing prices, with a potential savings of up to $29,000.
- Houston’s top week for buyers: October 27th to November 2nd offers a balanced blend of more inventory, lower prices, and decreased competition.
Mortgage Rate Update: A Big Shift in the Market
In a major move, the Federal Reserve recently cut interest rates by 50 basis points, the first reduction in four years. This is more than experts predicted, and it’s expected to be the start of a series of cuts.
THE BEST PART? This is on the heels of mortgage rates already down to just over 6%, the lowest they’ve been since early 2023, this is a game-changer for buyers.
Frequently Asked Questions About Timing Your Market Move in the Houston, Katy, and Fulshear Areas
Want More Katy, Fulshear, & Houston Market Insights Tailored to Your Specific Needs?
How did the local market perform during the summer of 2024? Head to the Summer 2024 Summer Market Recap for the inside scoop on the record-breaking home prices and what a 30% increase in the number of available homes means for you.
Curious whether the timing is right for you to make a move? Let’s connect and make sure you’re ready to take advantage of the market when the timing is perfect for you. Together, we’ll find the home that fits your needs and budget.
