Buying a home? Find out when the best day to purchase is
When is the best day to buy a home? A new analysis examined that very question and mined through 15 years of home sales data to find the answer.
RealtyTrac compared the average sale prices to estimated market value at the time of sale to determine whether buyers paid a premium or bought at a discount.
Vice president Daren Blomquist said the group concluded October is the best month, nationally, to close on the purchase.
"Simply, it's supply-and-demand," Blomquist said. "There's fewer buyers out there competing for properties, and so if you're a buyer, you're competing against fewer other buyers."
Blomquist said there are several factors for the decrease in buyers, including cooler weather, the school schedule kicking in and even all four pro sports leagues having activity.
As for the best day, October 8 is the most beneficial for buyers.
"Almost 11 percent below the full market value of the home they're buying, so that's why it's number one," he said.
That trend was a bit different in New Jersey, where RealtyTrac concluded February as the best month to close on a home.
"The best day to buy is the 13th of February," Blomquist said. "That's one of the trends we saw in the Northeast. It tended to be, as opposed to in the fall, more in the winter."
The study concluded that April was the worst month to buy a home, with three of the five worst days.
"That was the only month of the year where the average price that people were paying was higher than the average estimated market value," he said.
Overall, the five best months to buy nationwide were October, February, July, December, and January.