Some people buy a home based on their immediate needs – changing job, changing family, changing life. Others watch real estate sales reports, the weather, the market, and their bank account. Everyone is a little different but when you look at what people do over time, you can usually find a pattern.
That’s what RealtyTrac did when they analyzed the HYPERLINK “http://www.realtytrac.com/news/home-prices-and-sales/the-best-day-of-the-year-to-buy-a-home/”best days and months to buy a home. They looked at 32 million single family home and condo sales since 2007. From that data, they pinpointed the best days and months to buy a home.
Now don’t rely on this data to get the best deal every time, but if you want to know what time of year may help you get the best price when you’re ready to buy, read on.
Best Month to Buy a Home
After all the numbers were crunched and the data compiled, the best month to close on a home is (drumroll please) October. Over the past several years and a few million home sales, the average sales price is 2.6 percent lower than the estimated full market value in October. Less than three percent might not sound like a lot, but if you buy a home for $250,000, that’s a few thousand dollars in savings. Rounding out the top five months to buy are February, July, December, and January.
The data is based on closing dates, so if you’re looking to buy a month or so prior to any of these times, you should find a great deal. Most of the months are winter months, and here on the Emerald Coast, it means less competition from other buyers and sellers who are, typically, eager to negotiate.
Best Day to Buy a Home
The best day in the year to buy is more fun fact that practical advice. That being said, if you want to know when to make that offer, notice the time of year. The top 5 best days to buy are:
October 8 – 10.8% savings
November 26 – 10.1% savings
December 31 – 9.7% savings
October 22 – 9.6% savings
October 15 – 9.1% savings
The savings are the average decrease between the estimated full market value of homes versus the price buyers actually paid. Those savings are pretty significant.
Don’t worry about hitting those target dates but take a look at the time of year those dates occur. Fall and winter months are great for buyers. If you have the luxury of waiting to buy a new home, now through the end of the year may be the time to start looking. The data supports what Realtors have known for years – the best deals are in the colder months.
Sellers, don’t worry, you have your best time, too. April is the worst month to buy, and the best month to sell. Spring really is your season.
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