Buying a house is a daunting task, even if you live in a state that caters to first-time home owners. For starters, it's a huge commitment. And the fact that it will pretty much suck your bank account dry doesn't make it any easier. But if you're looking to purchase a home, now is the time to do it. As in, right this second – sort of.
According to analysts at RealtyTrac who reviewed more than 32 million real estate transactions since 2000, the best time to buy a home is during the month of October.
We can't exactly cough it up to the witch's brew, though. As far as real estate goes, the period after back-to-school season and before the holidays is generally slow, so sellers are more willing to negotiate. And the data proves it. RealtyTrac cites that buyers were able to close housing deals at an average price of 2.6% below market value during October, with the 8th of the month being the best day to score an incredible price.
Another tip: Make your offer on a Monday. Even outside of the month of October, buyers who sealed their deals on the first day of the work week saw an average discount of 2.3% off the property's market value. Now that's sure to get rid of any Monday blues.
If you need more reasons to buy now, how about the impending increase in interest rates for buyers that Time Money says could hit this fall? Or, consider the fact that purchasing a home before the end of the year means tax perks when you file in April (which, by the way, is actually the worst month to purchase your dream home, according to RealtyTrac).
October's already underway, so you'll want to get to it. Otherwise, mark your calendar for October 8th, 2018 – the next time the 8th of October will fall on a Monday.
