If you’ve ever bought a home, it’s likely you’ve heard that it’s better to buy in the fall and winter months to get the best deal – given less competition from other buyers in these colder months when families are entrenched in the back-to-school schedule.
But is this conventional wisdom really true? Yes, but with some glaring exceptions.
RealtyTrac recently analyzed more than 32 million home sales and below is what they found.
The best month to buy a home?
October. Of the 2.7 million sales closed in October over the past 15 years, the average sales price was 2.6 percent below the average estimated full market value at the time of sale.
Following October as best months were February, July, December and January – all fall or winter months except for July, which was definitely a surprise.
The best day to buy?
Monday. Out of 5.5 million home sales over the past 15 years that closed on Monday, buyers realized an average discount of 2.3 percent below full estimated market value at the time of sale.
Friday is the second-best weekday to close on a home purchase. Buyers who closed on Friday realized an average discount of 2 percent.
The best day of the year to buy?
October 8. According to RealtyTrac data, on average, buyers have purchased 10.8 percent below market value on October 8, followed by November 26 (10.1 percent below market value), December 31 (9.7 percent below market value), October 22 (9.6 percent below market value), and October 15 (9.1 percent below market value).