October Could Be a Great Month to Sell Your Home. Here’s Why

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Been waiting to list your home? Read on to see why October may be the perfect time. [[{“value”:”

When mortgage rates fell to record lows in 2020 and 2021, many buyers rushed to purchase homes. And many existing borrowers were quick to refinance their home loans. But because rates climbed substantially in 2022 and remained high in 2023 and 2024, buyer demand decreased. And so did housing inventory.

In August, there was a 4.2-month supply of available homes on the real estate market, according to the National Association of Realtors. That’s not as low a level as what buyers faced earlier on in the year. But it’s also still well below the six-month supply that’s often needed to meet buyer demand in full.

Of course, the reason housing inventory has been sluggish is simple. Homeowners don’t want to sell when doing so means giving up the record-low mortgage rates they’re sitting on.

But now that mortgage rates are starting to fall, it’s a good time to sell your home. And you may want to get moving in October specifically.

Why October could be the sweet spot for home sellers

The less competition you have when you list your home, the higher an offer you’re likely to get. At the same time, you also want to sell at a time when mortgage rates aren’t such a turnoff for buyers. And October fits the bill in both regards.

As mentioned above, there’s still a shortage of available homes on the market. If you list your home today, your property may only be one of several for sale in your area.

At the same time, mortgage rates have fallen over the last several weeks. And they’re now at roughly their lowest level since February of 2023. This means that buyers may be motivated to sign mortgages. And it means that buyers may be drawn to your property because they don’t have many other choices. All told, that’s a win for you.

Plus, if you’re looking to sell your home, it means you’re likely buying a replacement home. While you may not be able to lock in as low a mortgage rate today as you perhaps did in 2020 or 2021, you’re still likely to get a lower rate than you could at the start of 2024.

Plus, if you shop around for a mortgage, you might score a great deal. Check out this list of our favorite mortgage lenders to save big on a home loan.

Set yourself up for success

October may be the perfect time to sell a home because there’s not a ton of competition and there’s just enough interest from buyers due to falling mortgage rates. But it’s important to set your home up for success.

First, do a walkthrough and make a list of items that need to be repaired. If your budget is limited, focus on fixing components that are broken rather than making improvements.

Next, work on your home’s curb appeal. The fall colors might turn your otherwise ordinary street into a leaf peeper’s paradise, so use that to your advantage by keeping your lawn maintained and your bushes properly trimmed. You may also want to invest in some fall plants, like mums, which are easy to care for (just water them every other day) and inexpensive to buy (you can typically find potted ones for $30 or less).

Finally, declutter, and then declutter some more. The neater your home looks, the more interested buyers are likely to be.

Though October may not traditionally be the most popular month to sell or buy a home, now’s a great time to put a property on the market. But as mortgage rates continue to fall, you may find that more and more homeowners are interested in selling. If you list your home now, you can get in before there’s too much competition — and before you risk getting stuck with a lower selling price than you’re hoping for.

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