RealtyTrac, a leading provider of housing data for the real estate industry, has discovered that timing can significantly affect what you spend on a house.
The company examined more than 32 million residential property sales over the course of 15 years. They found that home prices are fairly dependent on the month and day of the week you close a deal.
Homes purchased in October averaged at a 2.6% discount under market value, making that the best month to purchase a house. Only 8.4% of buyers closed a deal in October, so that discounted price is likely due to the fact that there’s less competition.
RealtyTrac says that realtors encourage sellers to take their houses off the market until the spring. Those who forego that advice are likely more desperate to sell, making them more willing to settle for a lower price, which is why they also encourages buyers to purchase a home around that time.
The worst month to buy a home is April when prices increased at an average of 1.2% over market value.
Monday is the best day of the week to close a deal with an average discount of 2.3%. Thursday was the worst with prices averaging 1% below market value.
RealtyTrac also found that the best day out of the entire year to buy a home was October 8, with an average discount of 10.8%. The worst day of the year was January 19, with an average 9.5% increase over market value.
Moral of the story: if you want a good deal on a house, wait until the next October 8 that falls on a Monday (which will be in 2018).