Buying a house also needs right timing, aside from considering its location. There are times that it is not the right moment to acquire real estate property, even if money is not the issue. The unspoken rule of home buying is to acquire the property at a cheaper price, and there is a best time to buy a home because of discounted prices.
The Street says that it is not a real estate myth. RealtyTrac, a real-estate data firm, has "analyzed more than 32 million sales of single-family homes and condos since 2000 and found that buyers have gotten the best deal, on average, in October." According to its study, the average home sales price was "2.6% below the average estimated full market value at the time of sale."
Chief economist for the National Association of Realtors, Lawrence Yun, said that despite the strong growth sales from spring, the demand of housing usually lessens because of its declining affordability. "Realtors in some markets reported slower foot traffic in July in part because of low inventory and concerns about the continued rise in home prices without commensurate income gains," Yun added. Though, there are other factors that contribute to the gradual decline of sales during fall down to winter. These are "the start of the school year, the drop in temperature, the return of rain and the loss of sunlight hours." Those elements conspire for homebuyers to move around and look for a house at this particular season of the year.
Business Insider also says that October is the best month to buy a home. The information is still based on the study conducted by RealtyTrac. However, report says that many are taking advantage of the discount, since "only 2.7 million, or just 8.4%, of house closures occurred in October."
OB Jacobi, a Seattle-based realtor, said that he would often advise their home-sellers to remove their homes from the listing until spring. However, "On the flip side, we tell our buyers that this can be a very opportune time for them because sellers, who keep their homes on the market through the holidays, are often very motivated to sell. There are also typically fewer buyers in the marketplace, so there is less competition for homes," Jacobi also disclosed.
In addition, other months that are the best time to buy a home are the months of January, February, July, and December. So looking at the months, it is safe to conclude that during fall and winter seasons are the best time acquire real estate properties, with the exception for July of course. Since there are the best months, the worst time to buy a house is on April, since the housing price is usually 1.2% more than the market value.
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