An HGTV star who's invested in over 100 properties says one day of the week is best to buy a home

Scott McGillivrayMalcolm Taylor/GettyHGTV star Scott McGillivray.

According to Scott McGillivray, host of the HGTV show “Income Property,” the best day of the week to buy is Monday.

He would know. McGillivray has invested in over 100 properties and even bought over 30 homes in one day, he told Farnoosh Torabi on an episode of her podcast “So Money.”

As a rule of thumb, “Go shopping on a Monday, Tuesday or Wednesday,” he explains. “If you’re shopping for real estate on a Saturday and Sunday, you’re not getting deals.

When’s the last time you saw a real estate agent promote an open house on a Monday night? It’s on a Saturday. It’s on a Sunday.”

In fact, between a Saturday and a Monday — just two days — the market drops by nearly 1% every week, the HGTV star tells Torabi: “If you think about the average home price in America being around $350,000, you’re going to save $3,500 on average by putting offers in on a Monday versus a Saturday.”

Why is early week the ideal time frame?

Homeowners are “distracted with work and the kids’ routines,” McGillivray explains. “They’re probably not getting a lot of other offers on a Monday, Tuesday, or Wednesday, so chances are, they will very quickly and efficiently entertain your offer. A seller is much more difficult to negotiate with on a weekend than they are on a weekday.”

No promises you’ll save $3,500 by buying on a Monday, but it’s worth a try.

NOW WATCH: Here’s what scientists think aliens could actually look like

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.