Buying a house is no walk in the park. There are many things to consider, not to mention your bank account. But if you're in the house-hunting phase in your life, now may be the time to make the call. Specifically, this month.
RealtyTrac recently conducted a research to find out when is the best time to make a house purchase. Analyzing more than 32 million real estate transactions since 2000, they discovered that most buyers have gotten the best deals during the month of October. During this month, the average sales price turned out to be less than 2.6 percent than the estimated full market value of the property.
This may be attributed to the fact that around this time, families are focused on getting their kids settled into the school season. Moving to a different location will disrupt this schedule, so there's less competition in the market. This means sellers are more likely willing to negotiate.
Also, according to Time, a property's wear-and-tear issues likely surface around fall, as temperatures drop. It's important to inspect a home's insulation, heating and drainage systems to make sure you are getting the right price for the house.
In contrast, RealtyTrac found out that the worst month to buy a house if you're on a tight budget is in April, where prices soar at 1.2 percent.
Here's a bonus tip: Realty Trac also concluded that the best day to buy a house is on a Monday. Even outside October, buyers got an average discount of 2.3 percent when the deal is closed during the first day of the week. Friday is the second best day to seal the deal, with an average of 2 percent discount.
If you're looking for a specific day and date to buy a house, RealtyTrac's data concluded that the perfect date is October 8.
Their report states, "The best day to close on a home purchase at a bargain price was Oct. 8, when on average buyers have purchased 10.8 percent below estimated market value at the time of the sale."
In conclusion, if you're on the lookout for a house now, make the purchase and sign the papers this month, preferably on a Monday. If you're willing to wait, watch out for the magic date: Oct. 8, 2018 (the next time October 8th falls on a Monday).
