Best Time to Get a Deal on a Home
/If you are in the market now for a home, you know its tough being a buyer. There’s nothing more discouraging then putting in multiple offers to get out bid. So if this sounds like you, don’t get discouraged yet.
Best time of year to buy
According to market trends, September through October are some of the best months to buy. In fact Business Insider states that homes in October are discounted at 2.6% versus the summer months. This statistic is less true if you live in a warmer climate year round. The cooler months on the east coast tend to discourage sellers from putting their homes on the market. People don’t want to fuss with moving when the weather cools down and the holidays start to hit. This is true for buyers as well. Currently we have a surplus of buyers on the market, but the competition will dwindle down as fall starts to creep in.
As a buyer, if you are in the market between September and January, you are more likely to get a discount on the home. If a seller is willing to keep their home on the market during the cooler months, they are likely motivated, which is good news for the buyer!
This is definitely some positive news after a brutal summer of bidding wars.
Best day of the week to buy
Crazy enough there is a better day to buy, and it makes a lot of sense. According to Quicken Loans, people who buy on Monday are likely to experience a 2.3% discount versus other days. Why? Less people are out home shopping on Monday, Tuesday or Wednesday. Many buyers wait till the weekend to go home shopping; therefore the likelihood of weekend offers are high. Buyers are more likely to get into bidding wars and pay a premium price for a home because the competition is highest on the weekend. So if you are able, do some home shopping early in the week. Your chances of having multiple offers on a Monday are significantly lower than a Saturday.
Overall
Overall if you are looking to buy your home at a discount, shop at the off peak times. You are more likely to get a better price with less competition during the cooler months than you are in the summer months. On the flip side, the home inventory is typically lower in the winter months, so your options will be limited. It’s a bit of a trade off. As a buyer riding out this crazy summer market, the upcoming fall and winter should be a bit of a reprieve. So here’s to finding your home! Cheers!
References:
https://www.quickenloans.com/learn/best-time-to-buy-a-house
