When is the best time of year to buy a home? Most people believe that the Spring and Summer months are the best times to buy a new home. In some aspects, this is true. People want to get out after being cooped inside during the winter, which drives people to go out and look at potential new homes. This also aligns nicely with the kids’ school schedules so there is a little less stress in the moving process. Unfortunately, while there are tons of people looking, very few are actually serious about buying.
The Best Time to Buy
Contrary to popular belief, the best time to buy a home is in the Fall and Winter months. Research by RealtyTrac, an online-based realty information company, shows the best time to buy is in the month of October. The folks at RealtyTrac have observed over 30 million home and condo sales over the past 15 years and found that following October, the best months to buy are February, July, December and January respectively. More specifically, they found that the best date in October is the 8th, and even more specifically, the best day of the week is on Monday.
Why is this the case? Market professionals believe that sales are higher in these months because sellers are most likely to settle for a lower price. Despite fewer listings on the market, buyers at this time are considerably more serious about finding a home. The discount on these homes is around 2% below the market value with October being the highest, which in the grand scheme of things, is a pretty good deal.
So, the next time you are considering purchasing a home, look to close in October, more precisely October 8th, on a Monday. Lucky for you, the next time October 8th lands on a Monday is in the year 2018. This will give you plenty of time to save up for the perfect home and purchase at a favorable price.