Is there a ‘best week’ to buy a home in 2023?
Recent data released by Realtor.com claims to have figured out the best week to buy a home in 2023. The good news is that you haven’t missed it…yet. According to the numbers crunched by the economic analysts at Realtor.com, the best week of 2023 to buy a home will be October 1st through October 7th.
Senior economic research analyst, Hannah Jones, stated, “Ideally, this week will offer buyers more options at lower-than-peak prices, as well as less competition from other buyers and slightly more time to deliberate.”
Economic experts are also predicting an 18.9% boost in fresh listings in the next week, which could mean a 17% boost to the total number of homes for sale.
While new listings could help home prices cool off, mortgage rates are still stubbornly high. When asked about the current rate situation, Jones said, “Buyers cannot control rates, but can set their budget based on current rates and future rate expectations. Purchasing a lower-priced home or putting down a larger down payment can help buyers minimize their loan, and therefore minimize the impact of elevated mortgage rates.”
How did mortgage rates react to inflation metrics?
The national average for a 30-year, fixed-rate mortgage ended Wednesday down 0.03% at 7.22%.* Trading started the day higher after a slightly hotter than expected inflation report caused rates to start the day up, but they ultimately ended lower than they started due, in part, to a drop in shelter inflation. The sentiment in the market was that there’s still work to do on the inflation front.
What’s next for the Silicon Valley housing market?
Palo Alto Online spoke with economist Elliot Eisenberg on the future of the Silicon Valley real estate market. Eisenberg works with MLSListings, a real estate listing service that focuses on San Mateo, Santa Clara, San Benito, Santa Cruz, and Monterey counties.
When asked directly about where he sees the real estate market in the future, he stated that the road ahead will be “the same or better.” However, he cautioned that the housing market and economy are not in sync. He stated that the Fed is clearly targeting a 2% inflation rate and they may hike interest rates again. However, he also stated that whether there’s a soft landing that avoids a recession or a harder landing that sees the economy slow, the housing market should see activity pick up in the next few quarters.
* National average rates accurate as of 9/13/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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