IRVINE, CA -- When is the
best time of year to buy a home? RealtyTrac took a big data approach to this
question, analyzing 32 million single family home and condo sales over the past
15 years.
We compared average sale prices to average
estimated market value at the time of sale to determine whether buyers paid a
premium or bought at a discount.
Based on the closing date
of the sale, we broke down the data by month, weekday and day of the year to
identify when buyers historically have realized the biggest discounts. Below
are high-level details.
· The
best month to close on the purchase of a home is October.
o Out of 2.7 million single family home and
condo sales over the last 15 years that closed in October, buyers realized an
average discount of 2.6 percent below full estimated market value at the time
of sale.
o Following October as best months to buy were
February, July, December and January — all fall or winter months except for
July, which was a surprise given that conventional wisdom would suggest that is
a good time to sell but not necessarily to buy to buy at a bargain price.
o The worst month of the year to close on the
purchase of a home is April, when buyers over the last 15 years have purchased
at an average premium of 1.2 percent above estimated market value at the time
of sale.
· The
best weekday to close on the purchase of a home is Monday.
o Out of 5.5 million single family home and
condo sales over the last 15 years that closed on a Monday, buyers realized an
average discount of 2.3 percent below full estimated market value at the time
of sale.
o Friday is the second-best weekday to close
on a home purchase. Buyers who closed on Friday realized an average discount of
2.0 percent.
o Thursday is the worst day of the week to buy
a home, with a 1.0 percent average discount, followed by Wednesday with a 1.4
percent average discount, and Tuesday, with a 1.9 percent average discount.
For a complete copy of the company’s news release,
please contact:
Jennifer von Pohlmann
Sr. Data PR Manager
Office: 949.502.8300 ext
139
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