The Blog ofWashington First

Is October the Best Month to Buy a House?

Autumn is a great time in general to be in the market for a house, but October may be the best month of all! You’ll have less competition and sellers who may be eager to get their home sold before the holiday months hit. Read on for details.

 

It’s the best month to get a good deal

 

According to RealtyTrac’s analysis of more than 32 million home sales over 15 years, October is the best mont to snag a great deal. Their data showed that on average, October buyers paid 2.6% below estimated market value at the time for their homes.

 

For a house that would normally be $300,000, 2.6% translates into a $7,800 discount. October 8th, specifically, is the very best day, with buyers getting their homes, on average, at 10.8% below estimated market value.

 

In case you’re wondering, the worst month for buyers is April, when homes sell for 1.2% above estimated market value. But the worst single day is Jan. 19, with an average 9.6% premium, probably because of the shortage of homes on the market at that time — sellers, take note.

 

There’s less competition

 

Like a beach after Labor Day, the realty market clears out as the days turn crisp. Most summer buyers have already found a home, meaning a fall buyer will have way less competition for the available houses on the market. There may not be as many properties to choose from, but a little patience and perseverance could reap big rewards.

 

You may have better leverage with sellers

 

Sellers with homes that are still on the market after the summer season may be ready to come down in price or accept lower offers, and many of them are eager to get moved and settled into a new home in time to host Thanksgiving, or at least have a non-hectic Christmas.

 

More quality time with your real estate team

 

As the year comes to an end, fewer buyers also means you should have the full attention of your real estate agent, mortgage broker, escrow officer, and everyone else on your house buying team. This is the best time to ask all those questions you have about earnest moneydue diligence, title transfers, and more.

 

Home improvement bargains

 

Moving into a new home often means appliance and furniture purchases, and December is when major appliances—refrigerators, stoves, washers, and dryers—are at their very cheapest, according to Consumer Reports. It’s also the best time of year to buy cookware and TVs.

 

Adapted from a Realtor.com article by Margaret Heidenry. Ms. Heidenry’s work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine.