Buying your home in the fall may be your best bet!
Public opinion may say that spring and summer are the best time to buy a house, but sales information argues otherwise. Other than sipping on a pumpkin spice latte while looking at listings, the fall is the best time to buy a house. Based on RealtyTrac’s analysis of 32 million home sales over 15 years, October is the best month to buy a house. October buyers pay about 2.6% below estimated market value at that time for their homes.
For a house that would cost $500,000, that would be $13,000 in cost savings.
The best day in October to buy a house? October 8, where there would be an average of 10.8% discount in home price.
However, there are other reasons to buy a house in October as well.
1. You can see exterior issues on the house better.
You may be distracted by the beautiful greenery during the spring and summer, and overlook some of the things that need attention on the house. Did you see dry rot on the deck, the foundation separating from the ground ,or any one of a number of issues? These can be costly repairs. Noticing them before buying the home allows you to get the issues fixed before you move in, or at the very least understand what projects you may have to undertake after buying the home.
2. You may find a better deal.
If a house has been sitting on the market through the spring and summer months, then the sellers may be ready to take less money for their home so that they can move on. As we have seen in the Denver Metro market this year, this fall has shown a slowing of properties selling and buyers having to lower their prices to move the property.
3. You can have more quality time with your realtor.
As the year comes to an end, you will have more time with your real estate team: realtor, mortgage officer, lawyer, and everyone else on your team. It’s time to ask good questions! They are not as busy and will be able to give you more quality time then they might in the summer.
4. You’ll have less pressure to buy.
When houses are selling quickly in the spring and summer, you won’t necessarily have time to look at houses in a leisurely, stress-free pace. Enjoy the fall buying experience by carefully comparing houses. Take your time and make sure the property is a good fit for you. The kids are already in school and many of the summer activities are coming to an end for the year.