A major misconception in the American real estate market is that spring is the best time to buy a house. In reality, spring benefits sellers.

“Most home buyers think spring is the best time to buy because we all call it spring buying season. But if you actually look at real estate market metrics, fall is overwhelmingly a much more favorable time for buyers to get their foot in the door. the housing market,” Realtor.com senior economist Ralph McLaughlin told FOX Business.

Nationally, Realtor.com economists estimate that the best time to buy a home is from the last week of September to the first week of October. However, McLaughlin noted that it’s not necessary to “hit that peak week perfectly.” Any time in the fall will be better for buyers than in the spring, he said.

He highlighted several factors why buyers should aim for the dip, including the supply-demand imbalance that tends to occur towards the end of the year, which works in buyers’ favor.

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A for sale sign is posted outside of a home for sale on August 16, 2024 in Los Angeles, California. (Photo by Patrick T. Fallon / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images) / Getty Images)

There are more homes on the market than buyers as many people return for the school season. According to McLaughlin, buyers with school age children generally avoid moving during this time or have already moved earlier in the year.

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You also own a number of homes that didn’t sell earlier in the year but are still on the market. Several factors can contribute to this, such as a seller listing their home later than expected or price it too high.

As fall approaches, McLaughlin said some sellers will start to “get a little nervous,” increasing their “desire to reduce prices.” This, in turn, leads to a greater share of housing on the market with price reductions.

Homes are also staying on the market longer, meaning buyers don’t have to rush. Unlike at the height of the pandemic, when homes sold quickly, buyers today aren’t as pressured to settle on or close on a property immediately, he said.

A For Sale sign posted in front of a home on February 22, 2023 in Miami, Florida. (Photo by Joe Raedle/Getty Images/Getty Images)

“I know that was the trend during the pandemic years, where houses would close within a week or two, when it was a slow year. That’s changed,” McLaughlin said.

Today, a typical home spends between two and three months on the market, according to McLaughlin, adding that buyers should use that time to their advantage.

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While interest rates Even though prices are still high, price drops signal flexibility, meaning buyers have room to negotiate, according to McLaughlin.

“You can leverage the abundance of homes on the market to your advantage and potentially get a price reduction or other concessions,” he said.

This could include things like negotiating a rate reduction, which is an agreement in which a buyer gets a lower mortgage interest rate in exchange for an upfront fee.