If you belong to the 9-5 workforce, then you are one of those who value weekends so much and wish that there will be no longer be a " Manic Monday " , wherein depression is commonly triggered due to the pressures associated with this first day of the week. A recent analysis made by RealtyTrac reveals that the day following Sunday, isn't always that awful, especially when it comes to homebuying. Monday turns out to be the best weekday to purchase a home.
The firm which deals with real estate data studied more than 32 million single-family and condo home sales from 2000 to determine the best month, weekday and day of the year for homebuying. Their findings have supported, in a way, the belief that you can find good deals on home purchase during colder months. According to ReatyTrac, the best month for homebuying is October, while the best date is October 8.
The analysis conducted landed on Monday as being the best day of the week for the purchase. From the 5.5 million single family home and condo sales over the last 15 years that closed on a Monday, buyers got an average discount of 2.3 percent below full estimated market value at the time of sale. Friday, on the other hand, is the second -best weekday for closure. Those who close on a Friday realized an average discount of 2.0 percent.
The number of homes sold in October since 2000 reached almost 3 million with an average sales price of 2.6 percent lower than the average estimated full market value at the time of sale. Next to October as best months to buy are February, July, December and January.
The result also shows October 8 as the best day of the year to buy because of the noteworthy deals closed on that day. An average of 10.8% below estimated market value at the time of sale was paid by the homebuyers. Belonging to the top 5 best days of the year are: November 26, December 31, October 22 and October 15.
Craig King, chief operating officer at real estate brokerage Chase International in Lake Tahoe, Nevada says , "Historically, winter months are slower and often a more advantageous time for buyers. Data doesn't lie and pinpointing these markets on the best days to buy or sell, could be a great guide for people. Sellers are motivated in October because many do not want their homes on the market for the Holiday Season."
