Deciding to buy a house is a huge milestone in anyone’s life, and that decision is followed by a lengthy, often trying process. But did you know there is a time of year that makes it all easier? When it comes to the cost of your new home, timing may have a bigger impact than you think.
While you might have heard that the autumn months are best for home buying, a few other times of year are ideal for house hunting, right down to a specific day of the week. Here’s a breakdown of the best times to buy a house.
The very best month to buy a home is October. Over the past 15 years, homeowners who purchased in October received a discount of 2.6% off the fair market value, according to new research from RealtyTrac. Few people seemed to take advantage of this, however, as only 8.4% of home closures happened during October. Sellers who keep their homes on the market though the fall and winter months are most likely very motivated to sell.
February and January
While you won’t necessarily have a lot of homes to choose from, many homes will be on winter clearance prices. You’ll most likely be able to negotiate a more favorable price for the home you purchase, and many of these homes are already priced to sell. Still, don’t expect to find your dream home during this time period. With fewer homes on the market, you may have to lower your expectations or be willing to take on a fixer-upper.
RealityTrac also broke down the days of the week to see if there was a best day to buy. Research found that with an average discount of 2.3%, Monday was the best day to close on a house. Friday came in at a close second with an average of a 2% discount.
As you’re saving up for your next big move, pay attention to the calendar. Do your research and you might save some unexpected cash.
Here are two guides that may help you as you consider buying a home: