The Best Day to Buy a Home

October 8th may seem like any other day, but according to a new study by RealtyTrac, it is actually quite special. After analyzing data from more than 32 million home sales over the last 15 years, they found that October 8th is in fact the best day of the year to buy a home! This is just one of many interesting statistical findings detailed in the report. Keep reading to learn more!

Best and Worst Months to Buy

For the most part, RealtyTrac found that the conventional wisdom holds true: it is better to buy in the fall and winter months. However, there was one glaring exception to this otherwise neat trend. See if you can spot it from the following list of the five best months to buy a home by average percent paid below market value:

  1. October (2.6% below)
  2. February (2.4% below)
  3. July (2.3% below)
  4. December (2.2% below)
  5. January (2.1% below)

​If you guessed July, then congratulations, you're right! With less daylight, colder weather, and the holiday season in full swing, the fall and winter months are the logical times for finding the best deal when looking to buy a new home. However, few people would have expected a month from the heart of summer to make the list. Maybe it has something to do with fireworks?

Conversely, the worst month of the year in which to buy was found to be April, when buyers pay an average of 1.2% above full market value for their home. In fact, April was the only month where buyers averaged a higher price than market value. Here are the five worst months in which to buy a home (A.K.A. the best in which to sell):

  1. April (1.2% above)
  2. March (1.2% below)
  3. June (1.3% below)
  4. November (1.5% below)
  5. August (1.6% below)

​Once again, there is an oddball in the group, though this time it is November. However, the overall trend hold true: it is better to sell in the spring and summer.

Best Day of the Week to Buy

If you'd like a more specific time to buy, then fear not! RealtyTrac also determined the best day of the week to buy a home. Here they are, in order (excluding weekends):

  1. Monday (2.3% below market value)
  2. Friday (2.0% below)
  3. Tuesday (1.9% below)
  4. Wednesday (1.4% below)
  5. Thursday (1.0% below)

In this case, it certainly looks like sellers are more willing to give a better deal when they are either tired from starting the week or tired from ending it!

Best Day of the Year to Buy

To finish things off, let's take a look at the best day of the entire year on which to buy a home (if you're looking for the best deal). RealtyTrac eliminated days with fewer than 50,000 sales over the last 15 years (the average among all days was 88,501), which took out 10 days, including New Year’s Day, Veteran’s Day, July 4, December 24, 25 and 26, and Leap Day. Of the 356 qualifying days, here are the five best days to buy:

  1. October 8 (10.8% below market value)
  2. November 26 (10.1% below market value)
  3. December 31 (9.7% below market value)
  4. October 22 (9.6% below market value)
  5. October 15 (9.1% below market value). 

On the other hand, here are the best days to sell:

  1. January 19 (9.6% above market value)
  2. February 16 (9.5% above)
  3. April 20 (9.5% above)
  4. April 6 (8.4% above)
  5. April 27 (8.2% above)

Of course, there was significant regional variation in the best time to buy a home. Even so, the pattern of deals in the fall and winter was fairly consistent. Out of the 109 metro areas analyzed in the study, 37 were found to have had their best day to buy in the fall months of September, October and November, whereas 44 had their best day to buy in the winter months of December, January and February. RealtyTrac notes a few prominent exceptions, including Seattle (best day to buy is on April 1, believe it or not), San Diego (Aug. 20), Pittsburgh (March 17), and Cleveland (June 13).

Hopefully you enjoyed this interesting peek into the statistics of when to buy or sell a home! As with many things in life, timing is everything! To read the entire report, go to the original article, "The Best Day of the Year to Buy a Home".

Suburban Realty Professionals  ♦  Princeton Office  ♦  96 Wall Street  ♦  Princeton, NJ 08540  ♦  877-221-8787