When is the best day of the year to buy a house and land? Realty Trac which is the nation’s source for the most comprehensive housing data released its report on the Best Day of the Year to Buy a Home. Many realtors agreed on the report that it is best to buy a home and land during the fall and winter months to gain the best deals. There is less competition from investors when the weather is cold and families are more involved in back-to-school schedule.
The best day of the year to buy a home is October 8 when on average, buyers have managed to purchase homes that are 10.8% below the estimated market value at the time of sale. This is followed by November 26 where buyers enjoyed 10.1% below market value. If you buy a home on December 31, it may be sold for 9.7% below the market value and on October 15 the price will be 9.1% below the market value.
The market softens up a little because of typical seasonality. In the last six months, buyers who have competed and came up short may be rewarded during the fall and winter months because more inventories allow them more choices and hopefully less competition from other investors. According to Anthony Rael of RE/MAX Alliance, the best day to buy a home at a discount is October 21 but the degree to which it will open up is dependent on the market price point. Below $350,000 is very competitive and the real opportunities can be found in the middle of the market where prices range from $400,000 to $600,000.
The worst day of the year to buy a home is January 19 because this is the day when buyers paid an average of 9.6% premium above the estimated market value at the point of sale. Another bad day for home buyers is February 16 where they may be required to pay 9.5% premium. April 20 follows at 9.5% premium, April 6 with 8.4% premium and April 27 with 8.2% premium. In South Florida, the end of the school year and summer breaks accelerate closings for spring and summer months.