It's the best week of the year to buy a home, but for once, there's no reason to rush

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• The first week of October is the best time to buy a home, according to Realtor.com. 
• Homebuyers could save $14,000 this week compared to when prices peaked this summer.
• It could be worth buying a home now, but only if you're financially prepared and can find a home you like.

This week — the week of September 29 through October 5 — is the best time to buy a home, according to Realtor.com. As the peak homebuying season wraps up, the slowdown in demand combined with the leftover inventory that hasn't sold yet provides a sweet spot for buyers looking to get a good deal without having to go up against a ton of competition. 

In fact, Realtor.com says you could save over $14,000 buying this week compared to buyers who purchased when median prices peaked this summer at $445,000. And the following two weeks are expected to be "almost as favorable" as this week. So if you've been looking to buy a home, October could be the month to do it.

But the best time to buy for you depends on your financial situation, needs, and priorities. If you're thinking about buying, here's what you need to know.

When are the best times to buy a house?

The spring and summer months are typically the most active for homebuyers and sellers. This means that if you buy during this time, you'll have more homes to choose from, but you'll also be up against a lot more competition. This can push up home prices and make getting your offer accepted more challenging. 

As we get further into the fall and winter, prices may go down, but finding a home that suits you can be harder because there are fewer homes available. Right now, when there's still a decent amount of inventory available but less demand, buyers have more of an advantage.

"You have this seasonal mismatch between supply and demand that tends to lead to softer prices," says Danielle Hale, chief economist at Realtor.com.

Mortgage rates are the lowest they've been in two years

Mortgage rates have dropped rapidly in the last few months. Average 30-year mortgage rates are now down to 6.08%, according to Freddie Mac — the lowest they've been since September 2022.

Lower rates can make buying a home more worthwhile, too. On a $300,000 loan, someone who bought their house when rates peaked at 7.79% in October 2023 would be paying $2,158 a month for their mortgage. But with current mortgage rates, that same loan would cost almost $350 less each month.

Some buyers appear to be holding out for rates to go down even more, but they might not fall much further this year.

"I don't think we're going to see as much future decline in mortgage rates as we have already seen," Hale says. She believes that 30-year rates are likely to hold steady in the low 6% range for the rest of this year, and that they could dip into the high 5% range in 2025.

Should you buy during the 'best week to buy'?

So, should you take advantage of the best week to buy? Maybe, but only if you're financially prepared and are able to find a house that you really love.

"What I would recommend to shoppers, it can still be a challenge to find a home that ticks all your boxes and still fits within your budget," Hale says. "If you find that kind of home, I would move forward because that's still not an easy thing to do, especially for first-time buyers who might not necessarily have equity to bring to the home purchase."

But if your local housing market doesn't have any homes that suit your needs, Hale says there's no reason to rush.

"I think they can almost not make a wrong decision in this kind of environment," she says.

Mortgage rates should remain low next year. Though this is likely to boost demand during the 2025 buying season, it may also bring more sellers onto the market compared to recent years, helping to moderate home prices. 

How to decide if you're ready to buy a home

Preparing to buy a home is about more than waiting for mortgage rates to go down or trying to time the market so you get the lowest prices. 

First, it's important to make sure your financial ducks are in a row. To qualify for a mortgage, you'll need to have a:

• Good credit score
• Low debt-to-income ratio
• Sufficient down payment

It's possible to get into a home with just a 3% down payment. If you're having trouble saving up for homeownership, see if there are any down payment assistance programs you qualify for. You may be able to get cash assistance from your state or credits from your mortgage lender to reduce the amount of money you need to bring to closing.