What are the Best Months to Buy a House?
While many homeowners have made an effort to learn as much as they can regarding the best time to sell their homes, for those searching for a new home, finding out the best months to buy a house is just as important. Buying a piece of real estate is one of, if not the largest financial investments that the average person will make in their lifetime. For that reason, regardless of your actual plans, it is important to stay knowledgeable of when the best time of year is for you to make your real estate transaction. For those looking to buy a house in the near future, and are wondering what the best months are to buy a house, this article is for you.
October
For many people, fall is a season of the new school year, and in some cases, it is also the best time of year to buy a house. The fall – more specifically October is considered to be the best month to buy a house as the average sale price of a home during this time is approximately 2.6% lower than the average full market value. If you are able to specify what day you actually buy your house on, October 8th has become known as the single best day to buy a house, with the average sale price coming in at more than 10% lower than the average full market value.
While October is widely considered to be the best month to buy a house, it is not the only month well-known for its excellent real estate deals.
Other Great Months for to Buy a House in November and January
It must be something about the fall season, as the month of November has become known to be the second best month in which to buy a house. Just like the month before, November also has a “hot date” where houses tend to sell for less – November 26. If you find yourself having to make a real estate purchase early in the New Year, fret not! January 31 is also one of the best days for those looking to purchase a house.
What are the Worst Times to Buy a House?
Unfortunately, just as there are the best months to buy a house, there are also months and dates that are not looked at as “favorable” when it comes to buying a home. January 19th is actually considered to be among the worst dates to buy a house on, with the average sale price on that date being more than 9% higher than the average full market value.
While you cannot always control when you have to move, situations like work transfers, changes in schools, new jobs, changes in relationships, changes in the health of a loved one, or financial stresses can often make these decisions for us, and fast, it never hurts to know when you can get the best deals possible.