As the cooler weather and shorter days make their way into the Pittsburgh region, prospective home buyers and sellers often get wary about entering into the real estate market. But should they be? It’s true that the Pittsburgh region usually has harsher winters than most other regions around the country, but that shouldn’t steer homebuyers away! In fact, this blog is here to convince you that this time of year is actually an excellent time to buy your new home. We’ll even break it down for you as to which day of the week and which day in a month were the best according to a survey done by RealtyTrac. So is timing important in real estate deals? You’re about to find out!
We’ve already explained in a previous blog that October Is The Best Month To Buy, followed by February, July, December, and January. July is the only surprising month out of that list because that’s usually when it’s a good time to sell. Based on a chart of the average U.S home Price by Purchase month from RealtyTrac the highest home prices were seen from May to August and took a dip from September through February. Now let’s break it down even further with the best times and worst times to make real estate deals.
Best and Worst Times to Close on a Home
- No More Monday Blues – Yes it’s true! Monday was reported as the best day of the week to buy because buyers over the past 15 years (and of 5.5 million sales) got a 2.3% discount BELOW the estimated value. Friday was recorded as the second best with buyers receiving a 2.0% discount.
- Thursday was found to be the worst day with only a 1.0% average discount; Wednesday received a 1.4% discount; Tuesday received a 9% discount
- Best Day Award Goes To...October 8th! Though this date has already passed this year, over the past 15 years RealtyTrac’s research shows that buyers bought their home for 10.8% BELOW the estimated market value. November 26 was next in line with a 10.1% below market value ranking, followed by December 31 with a 9.7% ranking below market value, October 22 received a 9.6% below market value and October 15 got a 9.1% below market value. (With 3 out of those 5 dates being in October, this also supports Why October Is The Best Month to Buy!)
- January 19th was ruled as the worst date to buy because buyers paid a premium that was averaged to be 9.6% ABOVE the estimated market February 16 was close behind with a 9.5% premium and tied with April 20th at a 9.5% premium. April 6 was in 3rd place for the worst date with an 8.4% premium and April 27 was last with an 8.2% premium.
Of course it’s also important to remember that these statistics vary by region. However even the regional statistics support these findings because 37 out of 109 metros researched found that their best days fell in the months of September, October and November; 44 of these same 109 recorded that their best days for buying fell in December, January and February.
While October 8th has come and gone in 2015 already, October 15, October 22, November 26 and December 31 (the best days listed above) are still in fair game! To make your home search even easier, feel free to browse our featured listings and even do an advanced search to really find the home of your dreams, because after all of these great supporting statistics, why wouldn’t you want to search for a new home!
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Until Next Time,