Is there seriously ONE day during the year that is THE BEST day to buy a home at a bargain? A study conducted by RealtyTrac says so and that day is October 8!
RealtyTrac analyzed 32 million single-family and condo home sales to pin-point the date. They found that home buyers purchased homes 10.8 percent below estimated market value on October 8 and have done so for the past 15 years! Looking for the next best day? You can try Nov. 26, Dec. 31, Oct. 22, and Oct. 15, in that order.
They also found that October was the best month for bargains overall. Home sales were an average 2.6 percent below the average estimated full market value. Not ready to purchase? October was followed by February, July, December, and January, in that order.
What is the WORST day to purchase? Buyers paid an average 9.6% above estimated market value on January 19. It was closely followed by February 16, April 20, April 6, and April 27, in that order. April proved to be the worst month to buy overall with home buyers paying 1.2 percent above estimated market value at the time of sale.
Now, does the date of October 8 really mean ANYTHING to home buyers? Probably not too much. First, these dates are the days the homes were closed on, which doesn’t pinpoint the day an offer was made or a contract was negotiated. Second, real estate markets are very localized. What rings true for Scottsdale, AZ, may not be true for Wilmington, NC. So, you shouldn’t risk an investment based on national numbers.
One thing buyers CAN take away from this is that bargains are most attainable when the market slows down, which is often during the fall and winter months, like October or February. Spring often sees an influx of buyers, which leads to more competition and higher contract prices. So, if you’re searching for a bargain or hoping to pay a lower price for a home, fall is the time to start looking.
To get an accurate outlook for your real estate market, talk to a local Realtor. It’s their job to watch the market and understand its fluctuations. They’ll be able to tell you exactly what you should expect for local homes sales. If you’re looking to buy or sell in the Greater Wilmington area, give us a call or send us a message through our Contact page. We’re happy to answer your questions!
