According to a study by RealtyTrac, Oct. 8 is the best date to close on your home for a great bargain price.
Their study shows that on average,nationwide, buyers have saved 10.8 percent of estimated market value on this date for the past 15 years. The next best dates for home buyers have been Nov. 26 (10.1 percent below market value); Dec. 31 (9.7 percent); Oct. 22 (9.6 percent); and Oct. 15 (9.1 percent). They say the study is based on more than 32 million sales of single-family homes and condos. When they looked at major metro areas each was a bit different, in Seattle the best day to buy is April 1.
October seems to be the best month for savings. Over the past 15 years, out of the 2.7 million sales that have closed in October, they have averaged 2.6 percent below the average estimated full market value at the time of sale. After October, the best months for savings are February, July, December, and January.
The best month for sellers is April. Sellers who sold in April over the past 15 years sold their homes at a premium of 1.2 percent above the estimated market value at the time of sale.
The study additionally found the best kday to buy a home is on a Monday followed by Friday with the worst day to buy being Thursday.
The study also revealed that the worst days of the year to close on a home purchase were Jan. 19 (buyers paid an average 9.6 percent premium above estimated market value); Feb. 16 (9.5 percent); April 20 (9.5 percent); April 6 (8.4 percent); and April 27 (8.2 percent).
Realty Trac suggests now is a good time to start looking for your home based on this data as the best buying days will be coming up in the next few months.
Wow, isn’t it amazing what you can see when you look at statistics.