17 Aug 2016

Mark Zawaideh

When is the Best Time to Buy a Home?

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Best Time to Buy a Home?

Did you know that there is a time of year that is best to take advantage on low home prices? In reality, yes, homes are being sold everywhere year round. However, according to some research that has been done on this topic, it has been found that there is a time of year that is the best to get your dream home at the lowest price.

Best Month to Buy Real Estate

Believe it or not, October is the best month of the year to buy a home at the highest discount. Studies show that there is a 2.6% buyer discount on homes during the month of October. Why? There aren’t as many homes on the market this time of the year as there are in the summer months, for example. A lot of sellers decide to remove their homes from the market at this time until spring comes. Because of this, market values decrease in anticipation that these homes will sell. Based on research results, however, many people don’t know this or aren’t taking advantage of these facts because only about 8.5% of home closures take place during this month. On the contrary, the worst month to buy is April, during which time there is actually a market price increase of 1.2% when people are getting ready for summer.

Best Day to Buy Property

According to data pulled from real estate research from 2015, October was a month where home price discounts were higher because there weren’t a lot of choices on the market for buyers. In addition, we have some fun statistics that are a bit more specific. If you are a buyer and want to buy a home during a time where you will get the lowest price, try having your agent submit your offer on a Monday or a Friday. These two days of the week, believe it or not, will provide you with the highest discount at 2% or more. As far as a time of year is concerned, aim to buy a home during the last three months of the year. October, November, and December have the best calendar days on which you can receive the best deal on your new home. These are October 8th, 15th, and 22nd; November 26th; and New Year’s Eve. Avoid January 19th, February 16th, and April 20th if you can. If you have time to wait for your dream home, the best day to get the best possible price will be Monday, October 8th, 2018.

 

Topics: Infographics