Though conventional wisdom is that the best time to buy a home is in the spring, a recent RealtyTrac study says autumn is the best time for a buyer to purchase a new home. Specifically, October is the very best month to buy, with deepest discounts, according to the study. The next best buying months were February, July, December and January.
The study names October 8 as the best day in the year to buy. Mondays and Fridays are also good buying days. According to the study, “Out of 5.5 million single family home and condo sales over the last 15 years that closed on a Monday, buyers realized an average discount of 2.3 percent below full estimated market value at the time of sale.” The study also noted that discounts on Fridays averaged 2.2 percent below full estimated market value.
Springtime sales of homes gained a storied popularity because moving in the late spring or early summer can ease school transitions. But recent studies show that fall and winter give buyers a chance at the best discounts and less competition in the market. Though the inventory of homes for sale might be lower, homes on the market during the winter may be those the owners may be more interested in selling quickly.
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