Why Now is a Great Time to Buy a Home in Fall 2024

The decision to purchase a home is one of the biggest financial and emotional commitments you'll make. While market conditions fluctuate, there are compelling reasons why Fall 2024 presents unique opportunities for buyers. Below, we explore these opportunities and how they align with your home-buying goals.

1. The Inventory is Improving

Inventory levels have risen over 36% compared to last year, according to Realtor.com. While still 29% below pre-pandemic averages, this increase gives buyers a broader selection to find the home that fits their lifestyle and needs. New home construction is also catching up, with one-third of listed properties now newly built. Builders are focusing on affordability, creating options that cater to a wide range of buyers.

2. Home Prices Are Stabilizing

Unlike the rapid appreciation of recent years, home prices are now growing at a steadier pace. As Marco Santarelli from Norada Real Estate Investments notes, “Prices aren’t falling—they’re just rising at a more normal pace.” This moderation is a win for buyers, providing more predictable pricing in the market.

3. Mortgage Rates and Affordability

Mortgage rates are expected to gradually decline as inflation cools, but waiting too long could mean missing out on current opportunities. Buyers who delay risk facing increased competition if rates drop and more purchasers enter the market.

Key Takeaway

Time in the market matters more than timing the market. Historical data shows home prices generally appreciate over time, meaning the sooner you own, the sooner you can start building equity. If you're financially ready, now could be the perfect time to move forward.

For more details and insights, check out the comprehensive KCM guide for homebuyers.