Making the decision to buy a home is huge.
While location is arguably the most important factor, timing may also have a big impact on what you pay.
According to new research, the best month for buyers is October. And the best day of the week is Monday. And the single best day on the calendar is October 8.
RealtyTrac reviewed over 32 million home and condo sales over the past 15 years, and they found that homes purchased in October came at a 2.6% discount to the current fair market value.
Though based on the data, not many people were taking advantage of the discount, as only 2.7 million, or just 8.4%, of house closures occurred in October.
The discounts are most likely a function of there being fewer buyers, meaning sellers are more willing to settle on lower prices.
“We often advise our sellers to take their homes off the market until spring,” OB Jacobi, a Seattle-based realtor, told RealtyTrac. “On the flip side, we tell our buyers that this can be a very opportune time for them because sellers, who keep their homes on the market through the holidays, are often very motivated to sell. There are also typically fewer buyers in the marketplace, so there is less competition for homes,”
“Following October as best months to buy were February, July, December and January — all fall or winter months except for July, which was a surprise given that conventional wisdom would suggest that is a good time to sell but not necessarily to buy at a bargain price,” said the report.
The worst month to buy a house was April, when purchases paid 1.2% more than the market value. It was also the only month that did not register some sort of discount.
Additionally, RealtyTrac broke down the days of the week. Monday was the best day to purchase a house, with closings on that day averaging a discount of 2.3%. Friday was the second-best with a 2% discount, and Tuesday was the worst with only a 1% discount.
So while the findings are exclusive of each other, closing on a Monday in October seems to be a pretty good bet.
Looking at the calendar, RealtyTrac found October 8 as the single best day to close, with an average discount of 10.8%. This was followed by November 26 (10.1% discount), December 31 (9.7% discount), October 22 (9.6% discount), and October 15 (9.1% discount).
The worst day of the year to purchase was January 19, with a 9.6% increase over market value. Home buyers also paid premiums over 9% on February 16 and April 20, both at 9.5%.
For the record, the next Monday, October 8 is in 2018, so you’ve got time to save up for your dream home.
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